UNITY, Maine–A credit union that was years in the making before it finally opened in 2020 has announced plans to merge.
Maine Harvest FCU, which was chartered solely to serve an agricultural field of membership, especially small farms and food businesses, said it is seeking to merge with Five County Credit Union in Bath, Maine.
As of its March 30 5300 filed with NCUA, Maine Harvest had $2.83 million in assets and 78 members. The $372.2 million Five County CU has nearly 29,000 members. The credit unions told MaineBiz.com they have been in merger discussions since the summer of 2021.
Maine Harvest CU reported a net loss of $72,330 on its March 30 call report, but with a whopping net worth ratio of 58.7%.
As CUToday.info reported here, when Maine Harvest officially opened for business in early May of 2020 it did so with high hopes. Maine Gov. Janet Mills was on hand for the ribbon cutting.
“Maine Harvest will offer specialized loans and mortgages to those working within Maine’s food economy,” CUToday.info’s report stated. “By employing a specialized underwriter with agricultural expertise, it will enable Maine Harvest to lend when traditional institutions often don’t…Maine Harvest said it will serve more than 1,000 members and become a primary financing source for more than 100 small farms and food businesses – deploying $12 million in loans within the first six years.”
The merged credit union is to operate under the Five County brand.
"Five County has a long history of looking for new ways to serve our members," Julie Marquis, president and CEO of Five County Credit Union, told MaineBiz.com. "We see the growth in local food production in Maine and it will be great having Maine Harvest's expertise to meet this financial need."
‘Broader Range’
Scott Budde, president and CEO of Maine Harvest FCU, will serve as chief strategy officer of Five County Credit Union after the merger, the report stated.
"Our farm and food producer members are looking for a broader range of products, including offering higher loan amounts," he told MaineBiz.com. "We proved that a credit union can help meet the critical financing needs of Maine's farms and food producers, and we are looking forward to working with Five County to expand our offerings and deepen our mission."
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