York County Federal Credit Union of Sanford, Maine, and Atlantic Federal Credit Union of Brunswick, Maine, jointly announced that they intend to pursue a “merger of equals.”

Under a plan approved by the boards of directors of both credit unions, the surviving entity will retain the Atlantic FCU name and have about 44,000 members.

“We believe it is in the immediate and long-term interest of our memberships to pursue a merger of the two credit unions,” the boards stated. “We are confident that this will result in creating a single credit union that is stronger, more vibrant and better positioned to do even more to serve members in the future.”

York County FCU currently has two offices in Sanford, along with offices in York, Biddeford, and Saco, while Atlantic FCU has locations in Cumberland, Freeport, Brunswick and Topsham. In addition, no branches would close as a result of the proposed merger.

The announcement came the same day that another Maine credit union — Evergreen CU, Portland — has been approved by the state regulator to expand into York County.


Scott Chretien, York County FCU
Scott Chretien, York County FCU president-CEO


“The merger is about the future and, while both credit unions are strong and performing well, the landscape in financial services continues to evolve,” said Roger Sirois, president and CEO of Atlantic FCU. “The proposed merger will enable us to not only continue to serve our members and communities but do even more.”

York County FCU president and CEO Scott Chretien commented: “A merger of these two credit unions will bring about a broader array of products and services. The efficiencies provided by the merger will make us stronger. It will help ensure that we can continue to meet the financial needs of our members and deliver the unparalleled service that is the mark of both organizations.”

The due diligence of the proposed merger is a “multi-step process,” the parties added, citing that the endorsement from both boards is “just the first step in the process.”

“We have more work to do, but we wouldn’t be moving forward unless we both agreed it was in the best interests of our credit unions to become one,” said Sirois and Chretien.

Chretien told Credit Union Journal that upon completion of the merger, he will serve as CEO of the combined credit union, while Sirois will serve as its president.

With $363 million in assets, Atlantic FCU posted net income of about $3.2 million in 2017, up from $2.7 million in the prior year.

With $303 million in assets, York County FCU recorded net income of about $2.6 million and $2.3 million over the past two calendar years, respectively.

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