Northeast Credit Union has completed its merger and operational integration with Ocean Communities Federal Credit Union. The merger, which took effect Aug. 1, created a combined financial institution with nearly $1.3 billion in assets and serving more than 120,000 members throughout Maine and New Hampshire.
The merger already received approval from the National Credit Union Association, the New Hampshire Banking Department, the Maine Bureau of Financial Institutions, and the members of both credit unions.
NECU also said it is the first state-chartered New Hampshire credit union to merge with an out-of-state credit union (OCFCU was based in Biddeford, Maine, while NECU is based in Portsmouth, N.H.)
Now, with the addition of five Maine branches, NECU will expand into the communities of Biddeford, Kennebunk, Saco, Sanford and Westbrook, as well as all the neighboring towns in York and Cumberland counties.
“Northeast Credit Union is growing to serve more communities and increase its positive impact throughout New Hampshire and Maine," Tim Collia, NECU’s president and CEO, said in a statement. “With the combined resources of our two institutions, we are ideally positioned to focus on innovations that will enhance the overall member experience.”
Judy Morin, the former CEO of OCFCU, has joined NECU as SVP-chief operating officer.
“With all of the former Ocean branches remaining open, and all of the former Ocean employees retained, this is an exciting time as we now have even more to offer our members, who continue to be our top priority,” she stated.
According to its call reports, NECU posted net income of about $7.4 million last year, up from $5.8 million in 2015. Meanwhile, OCFCU recorded net income of about $160,000 in 2016, down from about $296,000 in the prior year.