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During a December special meeting, members of Penobscot County FCU voted in favor of merging with The County FCU. Discussions to merge these institutions began in June 2019.
“We are thrilled to welcome our friends at Penobscot County FCU into The County FCU family,” said Ryan Ellsworth, President and CEO of the newly combined credit union. “Our united resources, access to markets, and expertise will deliver an enhanced experience to both memberships. We look forward to working together on everything from day-to-day transactions, to meeting the membership’s more complex financial needs. We are so appreciative of our members and their trust in us to help make their financial life simpler. As the competitive landscape in financial services continues to change in Maine, we sought to create greater value for our collective members, our employees, and the communities we both serve. With this vote, we will celebrate the first day of the merged credit union in less than a couple of weeks, on January 1, 2021.”
Members of both credit unions can continue to conduct business as usual without any interruption or changes to their accounts or the branches they visit. Sometime in mid-2021, The County FCU will perform data migration as well as online banking upgrades. Members will be informed well in advance of any changes and will be assisted to ensure the transitions go seamlessly.
The combined credit union assets will exceed $380 million, making the continuing credit union one of the largest in the state. The merger also will provide new opportunities for employees of both credit unions.
Members can be served from eight branches in Bangor, Caribou, Fort Fairfield, Houlton, Howland, Mars Hill, Old Town, and Presque Isle. For more information or answers to frequently asked question please visit, CountyFCU.org or Penobscotfcu.com.