September 12, 2017

Regulators OK merger of Acadia and EMMC credit unions

EMMC Federal Credit Union of Brewer and Acadia Federal Credit Union of Fort Kent can proceed with their merger plans after getting the green light from regulators.

The merger agreement was announced in September.

Following the approval from the National Credit Union Union Administration, announced on Monday, the next and final step will be a Sept. 26 vote by EMMC FCU shareholders.

NCUA is the federal regulatory agency that governs federally chartered credit unions in the United States. The merger package that was submitted is a combined effort from both credit unions. NCUA approval signifies that the merger is financially sound as well as beneficial to the memberships of both credit unions and is the first of two steps needed for the merger to occur.

If members give the thumbs up, the merger is due to be completed by Nov. 1. It entails the full integration of credit union accounts, products and services.

"We will now continue the process of bringing these two organizations together, while also serving anyone from the eastern Maine area," David Desjardins, president and CEO of Acadia FCU, said in a statement.

He added: "We look forward to bringing added value to our members with expanded services and locations once the merger is completed."

EMMC FCU, in operation since 1979, has three branch locations in the Bangor/Brewer area, over 4,300 members and $49.5 million in assets.

Acadia FCU, created through the merger of six smaller community credit unions in 1963, has five branch locations, over 10,000 members and assets of more than $155 million.


Type your comment here:

Today's Poll Do you think a positive branding campaign showcasing our state's “unique quality of place advantages” will spur more companies outside of Maine to locate here?<>
Most Popular on Facebook