AUGUSTA, Maine–Two Maine credit unions have called off their merger plans.
The board of the $531-million Maine State Credit Union and the $217-million MidCoast FCU in Freeport have mutually decided against combining, according to the Maine CU League.
The two credit unions had been approved by regulators to advance to a vote of the members, before taking stock of the current merger status and agreed that proceeding was not in the best interests of their members and employees.
“The challenge of bringing together two successful organizations is just that; both credit unions have been thriving individually and cultural alignment is difficult to achieve,” H. Tucker Cole, Maine State CU president/CEO was quoted by the Maine league as saying.
“All merger discussions ended amicably,” Joe Gervais, MidCoast FCU President/CEO told the Maine league. “We will continue to work collaboratively to promote the value of credit unions for Maine consumers.”