WINSLOW, Maine–Two Maine credit unions have announced plans to merge. The $43-million Winslow Community FCU and the $44-million Connected Credit Union said they plan to combine operations. Both boards have signed off on the deal.
“By combining our resources, this partnership positions us for continued growth and to build financial security for the members we serve,” Rick Lachance, longtime CEO of Connected Credit Union, told the Maine Credit Union League. “Our ability to adapt and change has brought us to this point. We’re thrilled to join forces with Winslow Community and build on the traditions of 113 years of combined service excellence. I commend the boards of our respective credit unions for their strategic vision in supporting this partnership and what it will mean for future generations of members.”
Added Cathy Bond, president and CEO of Winslow Community FCU, also in comments to the MCUL, “Over many months, as we examined the opportunities that our partnership could provide, our members remained the primary focus. “We are confident that the current strength and stability of our individual credit unions will create one that will have the ability to continue growing and investing in positive relationships with our members and the communities we serve into the future. We want to keep our members financially ‘connected’ throughout every phase of life, whether they prefer a face-to-face relationship for services and lending or the latest conveniences in technology. ”
The combined CU will have approximately 8,500 members.