HAVERHILL, Mass. — The Massachusetts credit union which seeks to merge with a state chartered mutual bank is consulting with NCUA over whether the agency's charter conversion regulations will necessarily apply to their situation.
Massachusetts has a law on the books for some time that allows state chartered credit unions to merge with state chartered mutual banks and has procedures for doing so, but the CU and the lawyer that is handling the merger said the institution will ask NCUA about which procedures it should follow.
"We are not a charter conversion in the strict sense of the word," maintained Peter DiBenedetto, CEO of Northeast. "We're different in Massachusetts; we do things differently up here."
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.
