PORTSMOUTH, N.H.—The $1.1-billion Northeast Credit Union here has extended its reach in Maine by acquiring the $168-million Ocean Communities FCU, based in in Biddeford, Maine.
The deal became effective Aug. 1.
With the addition of OCFCU's five Maine branches, NECU will now expands its reach to the communities of Biddeford, Kennebunk, Saco, Sanford and Westbrook, as well as all the neighboring towns in York and Cumberland counties.
“Northeast Credit Union is growing to serve more communities and increase its positive impact throughout New Hampshire and Maine,” Tim Collia, president and CEO of NECU, told Business NH. “With the combined resources of our two institutions, we are ideally positioned to focus on innovations that will enhance the overall member experience.”
Judy Morin, CEO of OCFCU, will now serve as senior VP, COO of NECU.
“The Northeast Credit Union team has been so welcoming to us and we are very grateful," Morin told the publication. "With all of the former Ocean branches remaining open, and all of the former Ocean employees retained, this is an exciting time as we now have even more to offer our members, who continue to be our top priority. We are thrilled for this opportunity to better our communities.”