Keene-based Cheshire County Federal Credit Union is merging with a larger central Massachusetts credit union.
The $500-million-asset, Gardner-based GFA Credit Union said recently on its website that it would merge with the small $19 million-asset Cheshire County Federal Credit Union and its 3,300 members. The merger was approved by the National Credit Union Administration, the regulatory agency for both credit unions.
GFA made waves at the end of last year for becoming the first financial institution in Massachusetts to announce it would serve recreational marijuana clients following the state’s 2016 legalization of the drug.
Cheshire will retain its name and operate as a division of GFA Federal Credit Union. Employees at Cheshire will retain their positions at the Keene location to ensure continuity of service. Members of the board of Cheshire and the supervisory committee will remain engaged and represent the Keene community through an advisory role.
“Merging Cheshire County Federal Credit Union with GFA is a privilege as we will have the opportunity to bring competitive products and services to the Keene market, not only to consumers but also to the strong business community that exists in the fine city of Keene,” Tina M. Sbrega, president and CEO of GFA, said in a statement. “We are pleased the directors of Cheshire County Federal Credit Union and its members chose GFA as their partner and will work diligently to ensure the rich history of CCFCU is preserved.”
With the completion of the merger, the combined entity will have three branches in New Hampshire and seven in Massachusetts.
“Cheshire members will still be served by the same great people providing the quality, personal service that both credit unions are known for,” David Perry, board chairman for Cheshire County Federal Credit Union, said in a statement. “This merger is about the future and Cheshire County Federal Credit Union needs to grow and prosper. The proposed merger will enable us to not only continue to serve our members and communities but do even more. This joint venture will provide more branches, products and services to our members.”
