Friday, March 2, 2012

GFA Federal Credit Union to Buy Bank

GFA Federal Credit Union, Gardner, Mass., has agreed to purchase Monadnock Community Bank in Peterborough, N.H., for about $6.4 million in cash, according to press reports. The deal, which is subject to approval by regulators and Monadnock’s shareholders, is expected to close in the fourth quarter of 2012. GFA has assets of about $429 million, while Monadnock's assets were listed at $82 million as of Dec. 31.

Monadnock was initially chartered in 1971 as AWANE Credit Union, with sponsorship by the Automotive Wholesalers Association of New England Inc. AWANE converted to a federal savings bank in May 1996, and changed its name to Monadnock Community Bank in October 2000.

Earlier this year, United FCU of St. Joseph, Michigan acquired the assets and deposits of Griffith Savings Bank of Griffith, Indiana.

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