HAVERHILL, Mass. — The $99 million Northeast Community Credit Union has announced plans to merge with the local Haverhill Bank, which the credit union called the oldest mutual or cooperative bank in the Commonwealth.
The $106 million First Priority Credit Union, headquartered in East Boston, has already begun the process.
Under the terms of the proposed merger, which will have to have the approval of the Massachusetts government and NCUA, Haverhill Bank President Thomas R. Faulkner will serve as chairman and chief executive officer and Northeast Community Credit Union Treasurer and CEO Peter L. DiBenedetto will serve as president and chief operating officer.
“In this age of national bank mega-mergers, this union of two long-standing and respected local mutual institutions provides the greatest opportunity for improved services and choice for Greater Haverhill residents,” said Faulkner
DiBenedetto said, “We've continued to grow steadily since 1934 while maintaining a strong capital base. When we looked at what we wanted to be able to offer our members in the future, it made sense to combine our efforts with an institution that has similar values and is also coming from a position of strength.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
