The buyout of a New Hampshire savings bank by the $353 million GFA Federal Credit Union of Gardner, Mass., cleared a major hurdle this week with approval from the FDIC, a lead attorney in the transaction said Friday.
"We have needed four major approvals and two are complete now with shareholders of the Monadnock Community Bank and the FDIC," said Michigan attorney Michael Bell.
Bell had advised last January's takeover of an ailing Indiana savings bank in a similar credit union/bank purchase involving the $1.4 billion United Federal Credit Union of St. Joseph, Mich., and an Indiana bank.
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