New Hampshire Bank Shareholders Approve Acquisition By Gardner Credit Union
Gardner Federal Credit Union’s acquisition of New Hampshire-based Monadnock Community Bank took another step closer to reality as the bank’s shareholders voted nearly unanimously to approve the deal.
If approved by regulators, GFA would pay $6.4 million to assume the assets and liabilities of the bank. Monadnock’s single office in Petersborough, N.H., would become a full-service GFA branch.
Other conditions must also be met before the deal is final, including the repayment of federal TARP funds by Monadnock. The bank received more than $1.6 million in TARP funds, according to a database maintained by ProPublica.
The deal is expected to close in the fourth quarter. It is the first acquisition in the country by a credit union of a stock savings bank, and only the second acquisition of a bank by a credit union, according to a statement from Monadnock.
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