Penobscot County FCU and The County FCU Announce Plans to Merge

Subject to member and regulatory approval, the Board of Directors from Penobscot County FCU and The County FCU have agreed a merger would improve and increase benefits to both memberships.

“In planning for the future, both credit unions realized that a combined organization would bring much greater strength and competitive advantages than each could provide on its own,” stated Steve Baillargeon, President and Chief Executive Officer of Penobscot County FCU. “Very simply, we want to bring members the best value from their credit union while ensuring that we continue to grow and thrive in an ever-changing financial services industry.”

“We recognize the opportunity for achieving strategic growth and market expansion through partnership in an ever-changing competitive environment,” stated Ryan Ellsworth President and Chief Executive Officer of The County FCU. “For the membership, the combined credit union will offer greater levels of member service, diversification of risk, better accessibility, and will allow us to make the right long-term infrastructure and technology investments to remain competitive.”

The merger will provide job security and new opportunities for all employees of both credit unions. Ryan Ellsworth will become President/CEO of the combined organization. Steve Baillargeon has announced his retirement, but will remain on as part of the transition team for a minimum of six months. Both management teams and all employees of both organizations are needed throughout the transition and for the continued expected growth.

The merger approval process is at its very beginning stages with both credit unions performing extensive due diligence. The successful completion of the process including regulatory approval and an affirmative membership vote must  occur before the merger can be finalized.

Additional information, along with a Frequently Asked Questions page are available at each credit unions’ website: PenobscotFCU.com and CountyFCU.org.

Foregoing any unforeseen delays, a merger completion date of April 1, 2020, is targeted.