Members Vote in Favor of Merger of Penobscot County Federal Credit Union with The County Federal Credit Union
During the special meeting of the membership of Penobscot County Federal Credit Union on December 21, 2020, the members voted in favor of merging with The County Federal Credit Union. Discussions to merge began in June of 2019 and in late August of 2019, both Boards of Directors announced their agreement that a merger of the two organizations would improve and increase benefits to both memberships.
“We are thrilled to welcome our friends at Penobscot County FCU into The County FCU family. Our united resources, access to markets and expertise will deliver an enhanced experience to both memberships. We look forward to working together on everything from day-to-day transactions to meeting the memberships’ more complex financial needs. We are so appreciative of our members and their trust in us to help make their financial life simpler,” stated Ryan Ellsworth, President and CEO of the combined credit union. “As the competitive landscape in financial services continues to change in Maine, we sought to create greater value for our collective members, our employees and the communities we both serve. With this vote, we celebrate the first day of the merged credit union on January 1, 2021.”
Members of both credit unions can continue to conduct business as usual without any interruption or changes to their accounts or the branch offices they visit. Sometime in mid-2021, The County FCU will be performing data migration as well as online banking upgrades. Members will be informed well in advance of any changes and will be assisted to ensure the transitions go seamlessly. Member’s savings in the combined credit union is federally insured by the National Credit Union Administration (NCUA) for a total of $250,000 and backed by the full faith and credit of the United States Government.
The combined credit union’s assets will exceed $380 million, making the continuing Credit Union in the top ten largest in the state of Maine, with over 90 employees. The merger will provide new opportunities for employees of both credit unions. Members will be served from eight branches in Bangor, Caribou, Fort Fairfield, Houlton, Howland, Mars Hill, Old Town, and Presque Isle. For more information or answers to frequently asked questions, please visit CountyFCU.org or Penobscotfcu.com.
About Penobscot County Federal Credit Union
Penobscot County FCU was founded in 1968 to serve the workers at the Old Town Mill and later was granted a charter expansion to include all of Penobscot County. Penobscot County FCU is a financially strong, well-capitalized credit union with assets of $90 million and over 10,900 members. Penobscot County FCU is federally insured by the NCUA, and has 3 branches in Howland, Old Town and Bangor.
About The County Federal Credit Union
Loring Federal Credit Union was founded in 1956 to serve the military and civilian workers at the Loring Air Force Base. After several successful mergers of smaller credit unions and a name change in 1983, The County’s assets have grown to $293 million with over 19,400 members. The County FCU is a financially strong, well-capitalized credit union and has an Operations Center and five branches in central and southern Aroostook County. Both credit unions share common values and absolute commitment to serving members.