Maine Credit Unions Plan to Consolidate Later This Year

Two Maine credit unions, the $490 million University Credit Union (UCU) in Orono and the $28.1 million Changing Seasons Federal Credit Union in Hampden, said Monday they plan to merge later this year.

Pending regulatory and member approvals, the combined credit union’s 101 employees will manage assets of $508 million and run 10 branches that will serve 30,000 members across the state.

“The decision to merge into UCU resulted from careful consideration by our board of directors on how best to serve members’ evolving needs for financial products and services as a small credit union,” Rob Picard, president/CEO of Changing Seasons, said in a prepared statement. “The board identified UCU as an ideal voluntary merger partner, and both institutions are moving forward with the merger process. We are very excited for the opportunities this will create for our members, who will have access to a wide range of credit union products, services and technologies and continue to enjoy the same warm, welcoming credit union experience they have come to expect.”

Picard is expected to continue to work at UCU if the merger is approved by members and regulators. The credit union’s six employees are also expected to continue with UCU.

“As separate institutions founded within a year of each other in the 1960s, serving members throughout the Greater Bangor region for more than 50 years, UCU and Changing Seasons share many roots, relationships, core values and commitment to the credit union movement,” UCU President/CEO Renee Ouellette said in a prepared statement. “By merging, we are stronger and better positioned to fulfill our purpose-driven mission: To help Maine people and communities advance their financial well-being. We are thrilled to welcome Changing Seasons members and employees to UCU later this year.”