ALEXANDRIA, Va. – Members of the $96 million Northeast Community Credit Union will have to read NCUA's charter conversion statements and vote again if the CU wants to merge with a local bank.
Northeast Community, which is based in Haverhill, Massachusetts, and the local Haverhill Bank announced their intention to merge in July of 2007. Each is state chartered and Massachusetts' regulations provide for such a merger, though this would be the first one in history.
Because the merger did not fall into the usual charter conversion process, NCUA's board had to approve it and sources familiar with the situation said the agency did not accept or reject the merger but sought in a closed April 17 meeting to have the CU use the agency's charter change notifications and hold another vote. Sources said Northeast has agreed to these provisions.
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