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Two credit unions in Maine are planning to merge, a move that would make the combined entity the largest credit union in the state.
The $363 million asset Brunswick-based Atlantic Federal Credit Union and the $303 million asset York County Federal Credit Union would combine to create an institution with $666 million in assets, 44,000 members and nine branches in Saco, Sanford, Biddeford, Brunswick, Topsham, Freeport and York.
If approved by both credit unions’ board of directors, the new combined entity would exist under the Atlantic Federal Credit Union brand.
“Members will still be served by the same great people providing the outstanding service that both credit unions are known for,” Roger Sirois, president and CEO of Atlantic FCU, said in a statement. “The merger is about the future and, while both credit unions are strong and performing well, the landscape in financial services continues to evolve. The proposed merger will enable us to not only continue to serve our members and communities but do even more.”
“A merger of these two credit unions will bring about a broader array of products and services,” Scott Chretien, president and CEO of York County Federal Credit Union, said in a statement. “The efficiencies provided by the merger will make us stronger. It will help ensure that we can continue to meet the financial needs of our members and deliver the unparalleled service that is the mark of both organizations.”
No branches would close in the deal. The due diligence of the proposed merger is a multi-step process. The endorsement from both boards is the first step in the process.
