Gardner Credit Union Completes N.H. Bank Buy
GFA Federal Credit Union's acquisition of a New Hampshire bank will be completed Friday, nearly 10 months after the Gardner institution announced it would buy the bank for about $6.4 million in cash.
Monadnock Community Bank (MCB) of Peterborough, N.H., had been a New Hampshire-chartered credit union until it was converted to a federal savings bank in 1996. The transaction is the first acquisition of a stock savings bank by a credit union in the United States, according to a statement from GFA.
"We know this new partnership will continue to serve our customers, communities and employees with the same care and commitment of MCB," said William M. Pierce Jr., president and CEO of MCB. "Many of our customers have shared positive comments about joining a credit union – they are excited about the expanded products and services that GFA can offer them."
As part of the acquisition, the credit union has undertaken a new marketing campaign and is using rebranding messages to communicate the advantages of belonging to GFA.
"We are excited to have the opportunity to meet our newest members and assist them in discovering the value of GFA membership," said Tina M. Sbrega, GFA's president and CEO, adding that "MCB customers will have access to a larger branch network, more electronic services including remote deposit and mobile banking, and a full suite of financial products and services."
GFA will now have nine full-service branches – seven in north central Massachusetts and two in New Hampshire – with a combined asset total of approximately $429 million, and deposits of approximately $318.3 million.
Read More:
Gardner Credit Union To Buy N.H. Bank
New Hampshire Bank Shareholders Approve Acquisition By Gardner Credit Union
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