PORTSMOUTH, N.H.–Two credit unions in two different states have announced their intentions to merge.
The $1-billion Northeast Credit Union here said it will absorb via a merger Maine-based Ocean Communities Federal Credit Union. The $167-million Ocean Communities has 12,000 members.
The combined institution would have 20 branches, with 15 locations across New Hampshire and another five branches in southern Maine.
Approvals from NCUA, the state of New Hampshire Banking Department, and both credit unions’ memberships are still needed to approve the transaction.