Print
In a move that brings two of the state's largest credit unions together, York County FCU and Atlantic FCU recently announced their intentions to pursue a merger of equals. The Board of Directors of both Credit Unions issued a joint statement stating, "We believe it is in the immediate and long-term interest of our memberships to pursue a merger of the two credit unions. We are confident that this will result in creating a single credit union that is stronger, more vibrant and better positioned to do even more to serve members in the future."
"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," stated Roger Sirois, President/CEO of Atlantic FCU.
York County FCU President/CEO Scott Chretien agreed, noting, "A merger of these two Credit Unions will bring about a broader array of products and services, from business services and auto lending to enhanced security and technology. 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."
The interests of the combined 44,000 members of the two Credit Unions are the focus of the merger. For example, they would have access to nearly double the branch locations. With a complementary footprint, this would add greater convenience and access for their members across southern Maine. York County Federal Credit Union has two offices in Sanford along with offices in York, Biddeford, and Saco, and Atlantic Federal Credit Union has locations in Cumberland, Freeport, Brunswick and Topsham. No branches would close as a result of the proposed merger, and so members will continue to be served by the same staff they've established relationships with.
Both credit unions are very active and involved in the communities they serve, including providing strong support of local charities and organizations. Combined, the two credit unions raised nearly $70,000 for the Maine CUs' Campaign for Ending Hunger in 2017, supported more than 100 non-profit organizations, and their staffs and volunteers contributed nearly 3,000 volunteer hours giving back in the past year. "One of the reasons why coming together was a natural fit for both organizations is because of the shared philosophy of 'people helping people', not just when it comes to financial services but with community service, as well. Coming together as one credit union will not change that philosophy and committment; if anything it will enable us to do even more," remarked Sirois and Chretien.
The due diligence of the proposed merger is a multi-step process, with the endorsement from both Boards just the first step in the process. The end result would be named Atlantic Federal Credit Union. "We have more work to do, but we wouldn't be moving forward unless we both agreed it was in the best interests of our Credit Unions to become one. Our findings, thus far, have clearly indicated it is," noted Sirois and Chretien.