Credit Unions Merging

The boards of Northeast Credit Union and Woodlands Credit Union have approved an Intent to Merge Agreement to combine the two organizations.

Once complete, this union will offer expanded banking products and services, and greater convenience to all Woodlands and Northeast Credit Union members. The merger will create a healthier and stronger financial cooperative for members of both organizations. This agreement is the first formal step in the process. Approvals from the National Credit Union Administration, the
State of New Hampshire Banking Department, and the Woodlands Credit Union membership, make up the next steps necessary for completion.

Northeast Credit Union serves more than 74,000 members at branches in Portsmouth, Exeter, Dover, Rochester, Manchester, Concord, Lee, Northwood, and the Portsmouth Naval Shipyard.

“We explored many options and a partnership with Northeast Credit Union was the best strategic alternative for us, and also a great opportunity for our members,” said Timothy Collia, CEO of Woodlands Credit Union. “Both
Woodlands and Northeast have a long and storied tradition of providing exceptional personalized service to our members. Our employees share the goal of providing high‐quality financial services to our members.”

“Once all approvals are received, we will warmly welcome all Woodlands Credit Union members to the Northeast family. By combining the strengths of both credit unions, we will be expanding the service offerings for both membership groups,” stated Peter Kavalauskas, President/CEO of Northeast Credit Union. “We will be able to provide Woodlands Credit Union members with improved product lines, financial planning services, insurance offerings, expanded technology services, and greater financial stability.”

The merger will also provide greater branch convenience to the membership. The combined institution will have 14 branches, soon to be 15, with locations ranging from New Hampshire’s great north woods, to the seacoast, Dartmouth region and the Merrimack valley. Following all the necessary approvals, the intended merger is expected to be completed sometime later in 2012.

Submitted by Amy Moy, Northeast Credit Union.