KEENE, N.H.–A New Hampshire credit union has agreed to merge with another CU across the state line in Massachusetts. Members of Cheshire County FCU have voted in favor of merging with Gardner, Mass.-based GFA FCU. The deal has been approved by NCUA, according to the CUs.
As part of the agreement, the $19.3-million Cheshire FCU will retain its name and operate as a d/b/a of GFA Federal Credit Union, reported The Gardner News. Employees of Cheshire FCU will retain their positions.
“We believe it is in the long-term interest of our memberships to pursue a merger of the two credit unions,” the credit unions said in a joint statement. “We are confident that this will result in a credit union that is stronger and better positioned to do even more to serve members now and in the future.”
A ‘Privilege’
“Merging Cheshire County Federal Credit Union with GFA is a privilege as 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,” said Tina M. Sbrega, president and CEO of the $502.5-million GFA FCU. “We are pleased the directors of Cheshire County Federal Credit Union and its members chose GFA as their partner and will work diligently to ensure the rich history of CCFCU is preserved.”
“Cheshire members will still be served by the same great people providing the quality, personal service that both credit unions are known for,” said David Perry, board chairman for Cheshire County Federal Credit Union. “This merger is about the future and Cheshire County Federal Credit Union needs to grow and prosper. 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.”
The combined credit union will have approximately 34,000 members.