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.