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On August 1, Northeast CU and Ocean Communities FCU announced that the merger between their two credit unions has been finalized. This officially creates a combined financial institution of nearly $1.3 billion in assets with 120,000 members.
Plans for the merger were announced nearly a year ago and the members and boards of both credit unions approved it earlier this year. Former Ocean Communities FCU President/CEO Judy Morin is now part of Northeast CU's Senior Leadership Team with the position of SVP of Chief Operating Officer.
Operating a branch at Portsmouth Naval Shipyard in Kittery, Northeast CU has had a presence in Maine for many years. With the merger, the CU now has branches in Biddeford, Kennebunk, Saco, Sanford and Westbrook.