Shareholders of Monadnock Community Bank of Peterborough, New Hampshire approved the sale of the bank to GFA FCU in Gardner, Massachusetts.
Under the terms of the sale, GFA will pay $6.4 million to acquire the bank. This will be the second transaction where a credit union has acquired a bank; but the first deal involving a stockholder-owned bank.
The deal must still be approved by regulators.
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Looks like the credit union is helping to pay back TARP money. That billions and billions of dollars used to help banks but not credit unions.
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