GFA and Cheshire Merge
Cheshire County Federal Credit Union Membership Approves Merger
At a special meeting of the members of Cheshire Federal Credit Union, the members voted to merge with GFA Federal Credit Union. The merger was approved by the National Credit Union Administration, the regulatory agency for both credit unions.
Cheshire will retain its name and operate as a d/b/a of GFA Federal Credit Union. Employees will retain their positionas at the Keene location to ensure continuity of service.
Members of the Board of Cheshire County Federal Credit Union and Supervisory Committee will remain engaged and represent the Keene community through an advisory role.
"Cheshire members will still be served by the same great people providing the quality, personal service that both credit unions are known for," said David Perry, Board Chairman for Cheshire County Federal Credit Union, "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."
“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. 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”, remarked Tina M. Sbrega, President & CEO.
With the completion of the merger, Cheshire members will have access to three branches in New Hampshire, and seven in Massachusetts. As GFA is part of the Co-Op Network, members will also be able to access 5,000 branches and 30,000 surcharge free atms throughout the U.S.
Both credit unions have a long history of serving members who are underserved. Cheshire County Federal Credit Union started out as K.M.T.C Employees Federal Credit Union in 1959. The Credit Union served employees of Kingsbury Machine Tool Corporation and their families. Cheshire has $19 million in assets and more than 3,300 members. GFA has grown to over $500 million in assets with approximately 29,000 members.