Maine

A planned combination of Maine State Credit Union in Augusta and Midcoast Federal Credit Union in Freeport has been nixed despite receiving approval from regulators.

Discussions to combine Penobscot County Federal Credit Union and The County FCU began in June 2019 but the deal was not completed until the end of 2020.

The process will see the state's largest credit union split its president and CEO roles until longtime chief executive John Reed retires in January 2023.

Infinity FCU sought out a merger partner after realizing that even at $338 million in assets it was too small to provide the technologies members wanted. It could be a harbinger of more deals among larger players.

The trade group supported 11 incumbents running for re-election, including the embattled Maine Sen. Susan Collins, and may have helped Republicans maintain control of the Senate.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Primary races in Alabama, Maine and Texas resulted in victories for candidates with support from the Credit Union Legislative Action Fund.

Kennebec Savings Bank will have $1.3 billion in assets after it absorbs Kennebec Federal Savings and Loan Association of Waterville.

The deal to combine Winslow Community Credit Union and Connected CU is expected to close July 1.

The Maine-based credit union also grew membership last year to the point where it now serves nearly 40,000 consumers.

The Maine-based credit union's president has retired after 30 years at the institution.

The Maine-based credit union saw several successes this year despite a slip in net income.

Renee Ouellette has taken the helm as a permanent successor to UCU's previous CEO, who took a position with a bank earlier this year.

Bangor will pay $35 million in cash to gain branches in five communities.

The Brunswick, Maine-based institution can now serve the residents of Androscoggin County in addition to three other counties.

Maine Harvest Federal Credit Union, which will serve farmers and the food industry, opened this week and aims to make $12 million in loans over the next six years.

A deal to join the Illinois- and Maine-based institutions was called off because of differences that came up during the due diligence process.

The Maine-based credit union expanded a colon cancer screening service to include all forms of the disease, a move that has helped keep staff healthy.

With its CEO planning to retire, Penobscot County Federal Credit Union has agreed to merge with The County FCU.

The Unity, Maine-based institution, which should open in the fall, will provide member business loans and other products to local farmers.