Portsmouth, N.H.-based Northeast CU and Ocean Communities FCU of Biddeford, Maine, announced a planned merger pending approval from the NCUA, the New Hampshire Banking Department and the membership of both institutions.
The $1 billion NECU said the merger will result in an expanded membership that will combine its 112,000 members with Ocean Communities' 12,000. OCFCU, $167 million in assets, looks to increase the potential value to their membership by providing, "a broader array of financial products, services and technology," the CU said.
The merger will bring the partnership's total branches to 20 - expanding across N.H. to the coast of Maine.
"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," said Judy Morin, president/CEO at OCFCU. "Northeast Credit Union is the ideal strategic partner for us," she added.
NECU's President/CEO Tim Collia said the two credit unions have many synergies, including "similar cultures, complementary geographies and service strengths."
The CUs expect the merger to be completed by yearend. This adds to the 101 mergers approved by the NCUA as of June 30, according to the agency's monthly activity reports.
