The $303 million York County Federal Credit Union in Sanford, Maine plans to merge with the $363 million Atlantic Federal Credit Union in Brunswick, according to a prepared statement released Monday.
The combined credit union will become Maine's largest credit union with $666 million in assets and nearly 44,000 members, if the proposed merger meets its due diligence requirements and secures approvals from regulators and York County FCU members.
The current largest credit union in the Pine Street State is the $404 million Maine State Credit Union in Augusta, which serves more than 28,000 members.
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"We believe it is in the immediate and long-term interest of our memberships to pursue a merger of the two credit unions," the boards of directors for both credit unions, said in prepared statement. "We are confident that this will result in creating a single credit union that is stronger, more vibrant and better positioned to do even more to serve members in the future." The merger would nearly double the branch locations across southern Maine. York County FCU operates two offices in Sanford along with offices in York, Biddeford, and Saco, and Atlantic FCU operates locations in Cumberland, Freeport, Brunswick and Topsham.
No branches would close, according to the credit unions that are calling the planned consolidation as a "merger of equals." Roger Sirois, president/CEO of Atlantic FCU and Scott Chretien, president/CEO of York County FCU, said in a prepared statement more due diligence work needs to be completed, but they would not be moving forward with the proposed merger unless they agreed it was in the best interest of both credit unions.
"Our findings, thus far, have clearly indicated this," they said.
Both credit unions are well capitalized.
Atlantic FCU posted a net worth of 12.82% and York County FCU recorded a net worth of 9.45% at the end of last year, according to NCUA financial performance reports.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
