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The merger of Connected CU and Winslow Community FCU has been approved by the National Credit Union Administration (NCUA) and the Maine Bureau of Financial Institutions. The combined institution will serve Kennebec, Somerset, Lincoln, and Waldo Counties.
“The name Connected Credit Union will remain, as we feel it is a perfect fit for our combined memberships,” said Richard Lachance, CEO of Connected Credit Union. “We think of this partnership as a reflection of the larger community we will serve and of connecting the entire membership through technology and personal relationships to foster financial success.”
While this is considered a merger from a regulatory standpoint, all parties involved view this as a coming together of like institutions and a win-win for all. This partnership positions the credit union for continued growth and sustainability while meeting the needs of members.
“What makes this so exciting is that both institutions share a common culture and provide like services,” said Cathy Bond, President of Winslow Community FCU. “We are building financial security for the members we serve and this bright, new partnership will provide great opportunity.” Bond will serve as President of Connected CU when the merger becomes effective on June 27.
Both credit unions have a rich history in their communities. Connected CU was chartered in 1967 while Winslow Community FCU was charted in 1958. Connected CU will now have more than 8,400 members and assets of $100M. All existing branch locations will remain open and provide full service to members.