NCUA has apparently refined and streamlined its bidding process on mergers–at least based on a consolidation announced yesterday involving the ailing $60 million Saugus FCU in Massachusetts.
Though an official press release made only a brief mention of NCUA's May 18 approval of the Saugus takeover by the $500 million Webster First FCU, its president/CEO acknowledged that his CU was identified "as one of 61 potential" bidders from across the Northeast based on the agency's eligibility/FOM rules.
"I think it came down to about nine to 13 who were considered interested bidders and we were finally selected by the Saugus board," said Michael Lussier, president/CEO of Webster First.
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