On Tuesday, Monmouth FCU members voted to merge with Great Falls Regional FCU. Both credit unions have been staples in their respective communities since the early 1950s.
The merger will combine Great Falls Regional FCU’s 3,300 members with Monmouth FCU’s 2,200 members and result in an organization with combined assets of approximately $60 million. The merging credit unions will offer better services, improved rates, and new opportunities to their members across Androscoggin County and parts of Kennebec County.
Catherina Blais has served as CEO of Monmouth FCU for 16 years and is now the is the CEO for the newly combined credit union.
“This merger will benefit both Monmouth and Great Falls members in many ways,” said Blais. “Services will be expanded for all via products and multiple locations. Smaller credit unions struggle with the increasing operational costs and competition of larger financial institutions. Our credit unions utilize many of the same vendors so there will be immediate opportunities to reap the benefits of economies of scale. Employees will have more opportunity for professional growth as well. Great Falls and Monmouth have always shared values deeply rooted in supporting our communities and the members we serve. When talks of the merger began, both Boards and CEOs were adamant that this would happen only if it was in the members’ best interest. Ultimately, our members will be the judge of our efforts. We are confident and excited that this merger will provide the opportunity to better serve our present and future membership.”
The credit union has branches in Lewiston, Auburn, and Monmouth. As this merger was a true collaboration, the Monmouth branch will be called Monmouth FCU, a branch of Great Falls Regional FCU.