Maine Credit Unions Plan 2022 Merger
Blue Cross Blue Shield of Maine Employees FCU members will vote on whether to consolidate with TruChoice FCU.
The $7.9 million Blue Cross Blue Shield of Maine Employees Federal Credit Union in South Portland said it plans to merge next year with $187 million the TruChoice Federal Credit Union, also based in South Portland.
Like many small credit unions, the increasing regulatory and technology demands of the banking industry have made it difficult to work efficiently, provide the products and services members are looking for, and keep rates reasonable, BCBSME FCU explained in a prepared statement to its members.
Merging with TruChoice will give BCBSME FCU members increased products and services, access to a wider range of digital banking and an expanded branch network, BCBSME FCU said.
If the proposed merger is approved by the NCUA and members of BCBSME FCU, its sole branch will close when the consolidation is completed in early 2022, the credit union said.
“TruChoice is an ideal fit for us, and we are confident that this merger will bring our members the value and commitment that they’ve grown to expect as members of the credit union movement,” BCBSME FCU Manager Susan Thurlow said in a prepared statement. “We couldn’t be happier to join with a partner who shares our belief in treating each member like the unique individual that they are.”
Chartered in 1986, BCBSME FCU’s two employees serve more than 700 members.
TruChoice’s 47 employees operate three branches and an operations center that serves more than 12,000 members, its second quarter Call Report showed.