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Updated: June 23, 2020

Credit union corner: Central Maine merger, virtual money conference

Connected Credit Union building exterior in Augusta Courtesy / Connected Credit Union Connected Credit Union, whose Augusta headquarters at 85 Civic Center Drive is shown here, is merging with Winslow Community Federal Credit Union.

Less than a week after two banks in central Maine unveiled a merger agreement, two credit unions in the region announced a tie-up of their own.

Augusta-based Connected Credit Union and Winslow Community Federal Credit Union announced Monday that they are merging to form an entity that will employ 27 people in both locations. 

A spokeswoman told Mainebiz that the merger will be effective as of June 27. The credit unions serve Kennebec, Somerset, Lincoln and Waldo counties, and after the merger will operate under the name Connected Credit Union.

“The name Connected Credit Union will remain, as we feel it is a perfect fit for our combined memberships," said Richard Lachance, CEO of Connected Credit Union. "We think of this partnership as a reflection of the larger community we will serve and of connecting the entire membership through technology and personal relationships to foster financial success.”

Cathy Bond, president of Winslow Community Federal Credit Union said, "What makes this so exciting is that both institutions share a common culture and provide like services.  We are building financial security for the members we serve and this bright, new partnership will provide great opportunity” said Cathy Bond, president of Winslow Community Federal Credit Union 

Connected Credit Union has been around since 1967, while Winslow was chartered in 1958.

After the merger, the enlarged Connected Credit Union will have more than 8,400 members and assets of $100 million.

Financial wellness during COVID-19 

Town & Country Federal Credit Union's annual money conference this week will be in a virtual format, and will look at financial wellness through the lens of COVID-19 and the need for resilience. 

The event, scheduled for 5:30 to 6:30 p.m. on Wednesday, will feature personal finance expert Jean Chatzky sharing seven money moves people can make right now. She'll also answer questions that registrants are asked to submit in advance. 

"People need information and advice right now not only for their current financial situation but moving forward,” said David Libby, Town & Country's president and CEO, in a news release. "The opportunity to help people today was a determining factor in holding the conference now.”

This will mark the sixth edition of the annual event and the first time it is held virtually.

Go here to register.

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