Pittsfield Cooperative Bank agrees to absorb Arrha Credit Union

Arrha Credit Union in Springfield, Mass., has applied to merge into Pittsfield Cooperative Bank in Pittsfield, Mass.

The National Credit Union Administration told multiple news outlets that it is reviewing an application for the proposed merger.

“While we are unable to comment on specific bank transactions, we are always pleased to see FDIC-insured banking institutions in Massachusetts grow,” Kathleen Murphy, the president and CEO of the Massachusetts Bakers Association, told Banker & Tradesman.

M&A “present opportunities for banks to achieve greater economies of scale and, as banks grow, it is testament to the strength of the industry and great support our members provide to local communities throughout the” state, she added.

The $138 million-asset Arrha has three branches. Pittsfield Cooperative has $381 million of assets and five branches.