Maine credit union members approve merger
Members of Winslow Community Federal Credit Union of Winslow, Maine, have voted to approve a merger with the Augusta, Maine-based Connected Credit Union.
The deal is expected to close June 26 and the combined entity will operate as Connected Credit Union.
Connected CEO Richard Lachance will retain his position while Cathy Bond, current CEO of WCFCU, will transition to president. Employees of the $45.8 million-asset Winslow will keep their positions at their current locations, per a member notice regarding the vote.
"From a Winslow standpoint, [the merger] provides a whole lot of growth opportunities for us because Connected CU's service area is much greater than ours currently is," Bond said.
The deal will allow members of WCFCU to access two additional branches of the $47.4 million-asset Connected CU.
Call report data reflects that Winslow Community FCU earned a net income of just over $75,000 in net income through the first quarter of 2020, down 56% compared to the same period last year. The credit union serves 4,648 members according to its March call report.
This story was updated at 5:21 P.M. ET on May 22, 2020.