The Boards of Directors of Maine State CU and Midcoast FCU have mutually agreed to discontinue their plans to merge the two credit unions. Having recently achieved regulatory approval to advance to a vote of the members, both organizations took stock of the current merger status and agreed that proceeding was not in the best interests of their members and employees.
“The challenge of bringing together two successful organizations is just that; both credit unions have been thriving individually and cultural alignment is difficult to achieve,” said H. Tucker Cole, Maine State CU President/CEO.
“All merger discussions ended amicably,” said Joe Gervais, Midcoast FCU President/CEO. “We will continue to work collaboratively to promote the value of credit unions for Maine consumers.”