Taconnet Federal Credit Union, a $63 million-asset institution based in Winslow, Maine, and $94 million-asset New Dimensions FCU in Waterville, Maine, merged on April 1, under the New Dimensions name.
New Dimensions now serves members with four branch locations in Waterville, Winslow, Augusta and Skowhegan. The credit union is also purchasing a piece of land just north of the main branch to build an additional branch meant to provide better visibility and access to the community.
“The merger will enable us to offer the most innovative technology through the products and services we provide,” Ryan Poulin, CEO of New Dimensions, said in a press release. “Our focus is to keep up with the always increasing demand our members continually state is a necessity in today’s online financial environment. By providing what they have asked for we are also ensuring convenience, stability, and reliability—while maintaining that courteous customer service standard they have come to know and expect from us.”
In the fourth quarter of 2017, Taconnet had a net income of more than $60,000. In the same time period in 2016, the credit union lost more than $225,000. New Dimensions had a net income of more than $459,000 in Q4 2017. The credit union made $478,000 in Q4 2016.
In the fourth quarter of 2017, New Dimensions held $84 million in loans. In the same time period in 2016, the credit union held $74 million in loans. Taconnet held $45 million in loans in Q4 2017. The credit union held $42 million in loans in Q4 2016.
In the past year, New Dimensions has also expanded its financial literacy program which it provides at the credit union as well as to local schools and small businesses. The program provides free financial tools and resources as well as seminars and one-on-one consultations.