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Maine State CU and Midcoast FCU have announced plans to merge subject to regulatory and member approval. Combined, the entity will steward over $725 million in member assets and serve more than 46,000 members from eight locations in central and midcoast Maine. The organizations expect to finalize the partnership in 2021.
The goal of combining the two credit unions is to enhance member value through innovation, vendor consolidation, and the alignment of its “best of class” products and services.
“As we explored this collaboration, we found many synergies in our approach to providing service excellence,” said H. Tucker Cole, Maine State CU President/CEO. “We recognize that together, our members will benefit from expanded service locations, improved technology solutions, and highly competitive loan and deposit rates.”
Sharing similar core values and culture, both organizations place a high priority on the well-being of their employees.
“We strongly believe that employee satisfaction is essential to member satisfaction,” said Joe Gervais, Midcoast FCU President/CEO. “Finding a partner that is genuinely committed to the professional development of its employees was essential in Midcoast’s decision to partner with Maine State. Together, we will continue to cultivate a workplace that values and empowers its employees.” Both credit unions are perennial recipients of the Best Places to Work in Maine distinction.
The combined institution will build on the strengths of each and expand its services to individuals and businesses located in the Maine counties of Androscoggin, Cumberland, Kennebec, Knox, Lincoln, and Sagadahoc. Additionally, the credit union will continue to serve the financial needs of Maine State employees and related associations. Led by Cole as Chief Executive Officer and Gervais as President, the entity will retain the Maine State CU name and headquarters in Augusta, along with its branch locations in Augusta, Bath, Brunswick, Edgecomb, Freeport, Thomaston, and Waterville.