Members of Cheshire County Federal Credit Union in Keene, N.H., have approved a proposed merger into GFA Federal Credit Union in Gardner, Mass.
GFA said on a notice on its website last week that the merger has already received approval from the National Credit Union Administration.
The $503 million-asset GFA noted that the employees of Cheshire County will retain their jobs at its one location in Keene, N.H., to “ensure continuity of service.” GFA currently has nine locations in Massachusetts and New Hampshire.
"This merger is about the future and Cheshire County Federal Credit Union needs to grow and prosper,” David Perry, chairman of the $19.3 million-asset institution, said in a statement. “The proposed merger will enable us to not only continue to serve our members and communities but do even more. This joint venture will provide more branches, products and services to our members."
“We will have the opportunity to bring competitive products and services to the Keene market, not only to consumers but also to the strong business community that exists in the fine city of Keene,” Tina M. Sbrega, president and CEO of GFA, said,
GFA posted net income of about $2 million in 2018, about a 1 percent increase from the previous year.
Cheshire County recorded net income of about $224,000 in 2018, after incurring a loss of about $24,000 in the prior year.
