Credit unions agree to merge
On Thursday, July 29, the members of the Houlton Federal Credit Union took the final step in approving a merger with The County Federal Credit Union. The vote of approval initiates the merger process, scheduled to officially be executed on Oct. 1. The partnership creates a credit union with approximately 17,000 members with combined assets of over $138 million, making it the 12th largest credit union in the state of Maine. Credit union officials expect the combined size will provide new opportunities for products and services to its members.
“We’re very excited about what this means for our members,” stated Kathleen Smith, manager of Houlton Federal Credit Union. “It’s important to keep pace with the technology, products and services that our members expect and deserve. This merger provides us with the opportunity to keep growing and delivering outstanding member services.”
“Our members are very satisfied with the decision,” said Clifford Barker, president of the Houlton Federal Credit Union Board of Directors. “The added products and services will allow our members to have a full service credit union with even more access to convenient features.”
The County Federal Credit Union Board of Directors approved the proposal with a vote earlier this year.
“This is truly a merger between two very strong and well respected organizations,” says Ken Hensler, President/CEO of The County Federal Credit Union. “We feel confident that the combined strength will provide us with a tremendous amount of resources to promote and expand the credit union philosophy of people helping people.”
Both credit unions now begin the process of organizing membership, account and financial data to ensure a smooth transition on the scheduled date of October 1, 2010.
The County Federal Credit Union was originally organized as Loring Federal Credit Union in 1956 to serve military and civilians that worked at Loring Air Force Base. The County Federal Credit Union currently serves 22 communities in Aroostook County with branches in Caribou, Presque Isle and Fort Fairfield.
