Penobscot County Federal Credit Union in Maine has completed a merger into The County FCU, according to a notice on PCFCU’s website.
Both institutions are based in northeast Maine, near the Canadian border.
Discussions about a possible merger began in June 2019 but members did not approve the deal until shortly before Christmas 2020.
“Our united resources, access to markets and expertise will deliver an enhanced experience to both memberships,” Ryan Ellsworth, president and CEO of the combined credit union, said in a statement. “We look forward to working together on everything from day-to-day transactions to meeting the memberships’ more complex financial needs.”
The combined institution holds assets of over $380 million and serves about 30,000 members, with 90 employees and eight branches. The County FCU said in an online FAQ it was committed to ensuring the merged credit union’s board reflected both institutions.
While a rebrand may take place at a later date, “[b]oth credit unions remain committed to our heritage of serving the financial needs of our communities,” the FAQ said. All Penobscot County branches will retain that branding, operating as a branch of The County FCU.
PCFCU earned nearly $83,000 during the first three quarters of 2020, compared with earnings of about $310,000 during the same period one year prior, according to the most recent call report data available from the National Credit Union Administration.
The County FCU had earnings of about $1.5 million through Sept. 30, 2020, a 2.5% increase from the same period of 2019, according to call report data from NCUA.
