A proposed merger between $158 million-asset Acadia Federal Credit Union of Fort Kent, Maine, and $49.5 million Eastern Maine Medical Center FCU of Bangor has received regulatory approval from the National Credit Union Administration.
Members of Eastern Maine Medical Center FCU will vote on the proposed transaction on Sept. 26, and if approved by members, the merger – which includes full integration of credit union accounts, products and services – is expected to be close by November 1.
The combined organization will operate as Acadia Federal Credit Union and will serve members throughout northern and eastern Maine, with eight branches, nearly 15,000 members and more than $200 million in assets.
EMMC FCU has operations in the greater Bangor and Brewer area, and serves the employees and families of Eastern Maine Health System and their affiliates.
During the merger process, Acadia FCU also applied for an expanded field of membership, and will now be able to serve anyone who lives, works, worships or attends school in northern and eastern Maine.
Alison Voisine, marketing manager at Acadia FCU, told Credit Union Journal via email that “all existing EMMC FCU staff and executives will continue employment with Acadia FCU.”
“We are extremely pleased to have received regulatory approval as well as an expanded Field of Membership,” David Desjardins, president and CEO of Acadia FCU, said in a statement. “We will now continue the process of bringing these two organizations together, while also serving anyone from the eastern Maine area. We look forward to bringing added value to our members with expanded services and locations once the merger is completed.”
According to its call reports, Acadia FCU posted net income of about $1.3 million in 2016, after recording net income of $959,00 in the prior year.
Meanwhile, EMMC FCU produced net income of approximately $234,000 in 2016, after recording net income of about $166,000 in the prior year.