SOUTH PORTLAND, Maine–Two Maine credit unions have announced plans to merge, pending a member vote and regulatory approval.
The $188-million TruChoice FCU and the $8-million Blue Cross and Blue Shield of Maine Employees (BCBSME) FCU said they are seeking to combine.
TruChoice has approximately 12,200 members and reported net income of $1.2 million and net worth of 10.01% at mid-year. BCBSME reported a mid-year loss of $44,000 and net worth of 14.87%. It has approximately 704 members.
“With an increasing desire among the membership for remote services, additional products, and enhanced access, the board of directors at BCBSME FCU felt that partnering with the right credit union would ensure their members would continue to receive exceptional service with a community focus, while having access to a wider range of digital services,” the Maine CU League reported. “In evaluating possible partners, the BCBSME FCU board of directors made sure that shared values were the top priority. TruChoice FCU is a local credit union based in Portland, with branch locations in Portland, Biddeford, and Buxton. For over 65 years, TruChoice FCU has built a reputation in the community as a trusted partner with a deeply held commitment to the idea of People Helping People.”
TruChoice FCU’s field of membership includes 10 Maine counties and several charitable organizations, including the Maine Children’s Cancer Program and the McAuley House.
‘Ideal Fit’
“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,” said BCBSME FCU Manager Susan Thurlow, the MCUL reported. “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.”
Added TruChoice CEO Ken Acker, “We’re proud to have the trust of the BCBSME board of directors, and are looking forward to showing these members the same friendly care and compassion our team is known for. We can’t wait to welcome them, and we’re excited to offer new digital solutions, additional products, and the ability to work with us from anywhere!”
Upon NCUA approval, BCBSME FCU’s membership will have the opportunity to vote on the proposed merger, with an estimated merger date of early 2022, the league reported.