Members approve credit union merger
OLD TOWN, Maine — During a special meeting of the membership of Penobscot County Federal Credit Union, the members voted in favor of merging with The County Federal Credit Union.
Discussions to merge began in June 2019, and in late August 2019, both Boards of Directors announced their agreement that a merger of the two organizations would improve and increase benefits to both memberships.
“We are thrilled to welcome our friends at Penobscot County FCU into The County FCU family. Our united resources, access to markets and expertise will deliver an enhanced experience to both memberships,” Ryan Ellsworth, president and CEO of the combined credit union, said.
“As the competitive landscape in financial services continues to change in Maine we sought to create greater value for our collective members, our employees and the communities we both serve,” Ellsworth said.
The merger became effective Jan. 1.
Members of both credit unions can continue to conduct business as usual without any interruption or changes to their accounts or the branch offices they visit. Sometime in mid-2021, The County FCU will perform data migration as well as online banking upgrades. Members will be informed well in advance of any changes and will be assisted to ensure the transitions go seamlessly.
The combined credit union assets will exceed $380 million, making it one of the top 10 largest in Maine, with more than 90 employees.
Members will be served from eight branches in Bangor, Caribou, Fort Fairfield, Houlton, Howland, Mars Hill, Old Town, and Presque Isle. For more information, visit CountyFCU.org or Penobscotfcu.com.