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(From Credit Union Journal) – Members of Winslow Community Federal Credit Union of Winslow, Maine, have voted to approve a merger with the Augusta, Maine-based Connected Credit Union.
The deal is expected to close June 26 and the combined entity will operate as Connected Credit Union.
Connected CU CEO Richard Lachance will retain his position while Cathy Bond, current CEO of Winslow Community FCU, will transition to president. Employees of the $45.8 million-asset Winslow will keep their positions at their current locations, per a member notice regarding the vote.
“From a Winslow standpoint, the merger provides a whole lot of growth opportunities for us because Connected CU’s service area is much greater than ours currently is,” said Bond.
The deal will allow members of Winslow Community FCU to access two additional branches of the $47.4 million-asset Connected CU.
Call report data reflects that Winslow Community FCU earned a net income of just over $75,000 through the first quarter of 2020. The credit union serves 4,648 members according to its March call report.