New Hampshire & Maine – Northeast Credit Union (NECU) and Ocean Communities Federal Credit Union jointly announced today their intent to merge subject to regulatory and other approvals. The merger of these two organizations will create one of the top credit unions in the Northeast serving approximately 124,000 members. The combined partnership will provide a broader array of financial products, services and technology to Ocean Communities’ members and expand Northeast Credit Union’s member base.
The merger will also provide greater branch convenience to the entire membership. The combined institution will have 20 branches, with locations stretching from New Hampshire’s great north woods, through the Upper Valley region, across the Merrimack Valley, to the seacoast, and expanding into Southern Maine.
"Northeast Credit Union is the ideal strategic partner for us,” said Judy Morin, President & CEO at Ocean Communities Federal Credit Union. “We are very excited to merge with Northeast Credit Union. Both the Northeast Credit Union and Ocean Communities Federal Credit Union Boards of Directors were unanimous in their approval of this merger. We view this as a tremendous opportunity for our members and our employees to combine with another great organization that will significantly expand our potential for mutual future success. We are committed to our members, who will continue to see the same friendly faces at their local branches.”
“We welcome Ocean Communities members to our credit union family, and invite their membership to enjoy the added convenience of the fifteen full- service Northeast Credit Union branches in New Hampshire, as well as our full range of financial products, services, and expanded technology services” said Tim Collia, President & CEO of Northeast Credit Union. “Our similar cultures, complementary geographies, and service strengths make this combination a natural fit. Both of our organizations are dedicated to delivering the very best to our members, and we are proud to continue the support of important events in our communities. This is an exciting opportunity for the members and employees of both organizations to build the absolute best credit union in the Northeast.”
The Intent to Merge Agreement is the first formal step in the merger process. Approvals from the National Credit Union Administration, the State of New Hampshire Banking Department, and the Credit Unions’ membership, comprise the next steps necessary for completion of the transaction. Both Credit Unions’ Boards and Senior Management teams, recommend the approval of the merger, which is expected to be completed by the end of the fourth quarter of 2016.
We've put together a page of general benefits the planned merger will have for our membership.
If you have further questions and/or concerns about the merger, please e-mail CEO@oceancommunities.com.
About Northeast Credit Union
Northeast Credit Union (NECU) has been a trusted neighbor and the financial partner of choice for people since 1936. Our central focus is our members and the communities in which we serve. We have over $1 billion in assets and serve 110,000+ members at branches in Berlin, Concord, Conway, Dover, Exeter, Gorham, Lebanon, Lee, Manchester, Merrimack, Northwood, Plymouth, Portsmouth, the Portsmouth Naval Shipyard, and Rochester. We offer a full range of financial products and services. Along with traditional checking and savings accounts, they include mortgage and auto loans, investment products, business accounts, credit cards, and innovative online and mobile services.
For more information, please visit www.necu.org.
About Ocean Communities Federal Credit Union
Over 65 years ago, Ocean Communities opened its doors as St. Andre's Federal Credit Union. In 1988, the name was changed to Ocean Communities Federal Credit Union. Today, the credit union has five branches located in Biddeford, Kennebunk, Saco, Sanford, and Westbrook, Maine, and several remote ATM locations. Ocean Communities Federal Credit Union has over 12,000 members and holds assets of approximately $167,000,000.