Two New Hampshire credit unions, the $720 million Northeast Credit Union of Portsmouth and the $112 million Woodlands CU of Berlin, announced Tuesday an intent to merge by yearend.
The proposed consolidation has been in the talking stage for six months and would combine two healthy credit unions to forge the state's second largest with 15 branches and more than 84,000 members.
Peter Kavalauskas, president/CEO of Northeast, said the planned consolidation – still subject to approval of state regulators and Woodlands members – would allow Woodlands to reduce its compliance and consumer regulatory burden and offer a higher level of online products on a more cost-efficient basis.
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