Credit Unions in Three States Announce New Merger Plans
Midcoast FCU's proposed consolidation with Maine State CU will create Maine’s second largest financial cooperative.
Credit unions in Maine, South Carolina and Virginia recently announced new merger plans.
The consolidation of the $206 million Midcoast Federal Credit Union in Freeport, Maine into the $505 million Maine State Credit Union in Augusta will create the state’s second largest financial cooperative in assets and members if approved by members and regulators.
The combined organization will manage $712 million in assets, with more than 150 employees who will serve more than 46,000 members and operate eight branches across central and mid coast Maine.
Post merger, Maine State CU President/CEO Tucker Cole will serve as CEO and Midcoast FCU President/CEO Joe Gervais will serve as president.
The credit unions said they anticipate the merger will be finalized in 2021.
The $180 million ArrowPointe Federal Credit Union in Catawba, S.C., said it has notified its 17,914 members of a proposed merger with the state’s largest financial cooperative, the $2.9 billion Founders Federal Credit Union in Lancaster.
The anticipated merger is expected to be completed by year-end 2021 if approved by ArrowPointe members and regulators.
ArrowPointe’s seven branches and its 58 employees are expected to continue operating under the Founders brand.
The $5.6 million Saint Matthew’s Federal Credit Union in Virginia, Beach, Va., said it intends to consolidate with the $2.3 billion Chartway Federal Credit Union also based in Virginia Beach.
Chartway said the NCUA has approved the consolidation.
Members are scheduled to vote on the merger proposal in November. If members give the consolidation the nod, it is expected to be completed by Dec. 31.
Saint Matthew’s serves nearly 450 members.