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Subject to member and regulatory approval, the Boards of Directors of Five County CU and Maine Harvest FCU have agreed to merge as an innovative way to expand the financial solutions available to Maine’s farms and food producers. The combined credit union will carry the Five County CU name.
“Five County Credit Union has a long history of looking for new ways to serve our members,” said Julie Marquis, President and CEO of Five County CU. “We see the growth in local food production in Maine and it will be great having Maine Harvest’s expertise to meet this financial need. Maine Harvest Federal Credit Union has developed expertise in this area and shown that credit unions are well-positioned to serve this sector with loans to farms and food producers and deposits from members who care deeply about building a better food system in Maine.”
Scott Budde, President and CEO of Maine Harvest FCU, will serve as Chief Strategy Officer of Five County CU upon completion of the merger. Maine Harvest FCU staff also will become employees of Five County CU.
“We are thrilled to find a partner with a strong member orientation that embraces our unique mission,” shared Budde. “Our farm and food producer members are looking for a broader range of products including offering higher loan amounts. We proved that a credit union can help meet the critical financing needs of Maine’s farms and food producers and we are looking forward to working with Five County Credit Union to expand our offerings and deepen our mission.”
Headquartered in Unity, Harvest FCU was chartered in 2019 and has approximately $2.9 million in assets. Five County CU was chartered in 1956, has 27,400 members and holds $365 million in assets.