HAVERHILL, Mass. — The fact that both the $99 million Northeast Community Credit Union and the Haverhill Bank have been close and friendly competitors for years apparently played a large role Northeast Board's decision to opt to merge with the bank.
Northeast CEO Peter DiBenedetto said that the CU had received merger explorations from other financial institutions, including credit unions, but decided they were not as locally focused and did not have the degree of history in the community that the bank had.
As of June 2006, Haverhill Bank had roughly $168 million in assets. The merged institution would have assets of $260 million, deposits of $220 million and capital of $30 million, the CEO and bank said.
“There has been a lot of cooperation [between the bank and CU] in the past,” DiBenedetto said. “And the members of these two boards, some of them, grew up together. We wanted an institution which is firmly rooted in this community and that is what we will have after the merger,” he added.
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