PRESQUE ISLE, Maine–Two Maine credit unions have announced plans to merge. The $248-million The County FCU and the $75-million Penobscot Country FCU said they plan to combine. The credit unions cited increased benefits to members in deciding to make the move.
Following the merger, plans call for Penobscot County FCU branches to continue to use their name, operating as a division of The County FCU, while all other branches will use The County Federal Credit Union name. The organizations said that a new unified brand “that progressively depicts the heritage and culture may be chosen and announced at a later date.”
The County FCU was chartered in 1946 as Loring FCU to serve Loring Air Force Base. Penobscot County FCU was chartered in 1968 to serve workers at the Old Town Mill and later expanded to a community wide charter.
The combined credit union will have seven branches and approximately 30,000 members. The organizations said no layoffs will occur.
CEO to Retire
CFCU President/CEO Ryan Ellsworth will become president/CEO of the
combined organization, while PCFCU President/CEO Steve Baillargeon has
announced his retirement but will remain on as part of the transition team/liaison for a minimum of six months and will stay longer if needed, the credit unions said in a statement.
The two CUs have set a completion date for the merger of April 1, 2020.
Barring any unforeseen delays during the process a merger completion date of April 1, 2020 is targeted.