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GFA Federal Credit Union of Gardener, Mass., has agreed to acquire Monadnock Community Bank, a troubled former credit union located in nearby Peterborough, N.H., in the second credit union deal for a bank over the past few months.
March 2 -
A tepid economy and regulatory uncertainty together make for strange bedfellows, as epitomized by recent deals to sell two banks to, of all things, credit unions. And along with the deals comes renewed debate on whether the nonprofit institutions should be taxed.
March 16 -
GFA Federal Credit Union in Gardener, Mass., has completed its acquisition of Monadnock Community Bank.
GFA agreed in March
Credit unions last year
Monadnock, a $73 million-asset institution with a single branch, was a former state-chartered credit union that converted to a federal thrift in 1996.
GFA has $353 million of assets and nine branches in Massachusetts and New Hampshire.