WINSLOW, Maine–Two Maine credit unions have announced plans to merge.
The $45-million Winslow Community FCU said its members have voted in favor of merging into the $47-million Connected Credit Union in Augusta.
Both credit unions have announced the decision to their members via their respective websites.
The agreement calls for the merger to be completed by late June. Richard Lachance, CEO of Connected CU, will retain the title, while Cathy Bond, CEO of WCFCU, will become president of the combined organization.
The two CUs said there will be no layoffs.
Both NCUA and the Maine Bureau of Financial Institutions have signed off on the merger, according to the credit unions. Connected CU said the state regulator has also approved expansion of its FOM to include Lincoln and Waldo Counties upon completion of the combination.
Connected Credit Union was originally chartered in 1967 as the Maine Teachers Association Credit Union. Winslow Community FCU was chartered in 1958 as St. John the Baptist FCU.
The merged CU will have approximately 8,700 members.