Atlantic Federal and York County Federal credit unions plan to merge
York County Federal Credit Union and Atlantic Federal Credit Union announced Monday they plan to merge, subject to a multi-step due diligence process.
If the merger goes through the combined entity would be named Atlantic Federal Credit Union.
Both credit unions’ boards of directors have endorsed the proposed merger and issued the following joint statement: “We believe it is in the immediate and long-term interest of our memberships to pursue a merger of the two credit unions. We are confident that this will result in creating a single credit union that is stronger, more vibrant and better positioned to do even more to serve members in the future.”
Founded in 1941 as St. John’s Federal Credit Union in Brunswick, Atlantic Federal Credit Union has grown to $363 million in assets and more than 21,000 members. York County Federal Credit Union began in 1954 as York County Teachers FCU to serve educators in York
County. It reported assets of $303 million at the end of 2017 and more than 23,000 members.
In a news release announcing their merger plans, the two credit unions stated none of their branches would close as a result of the merger, adding that the combined 44,000 members of the two credit unions would benefit by having access to nearly double the branch location than are now available.
York County Federal Credit Union has two offices in Sanford along with offices in York, Biddeford, and Saco, and Atlantic Federal Credit Union has locations in Cumberland, Freeport, Brunswick and Topsham.
“Members will still be served by the same great people providing the outstanding service that both credit unions are known for,” said Roger Sirois, president and CEO of Atlantic FCU, “The merger is about the future and, while both credit unions are strong and performing well, the landscape in financial services continues to evolve. The proposed merger will enable us to not only continue to serve our members and communities but do even more.”
York County Federal Credit Union President/CEO Scott Chretien said the merger would enable the two credit unions to offer a broader array of products and services to their members. “The efficiencies provided by the merger will make us stronger,” he said. “It will help ensure that we can continue to meet the financial needs of our members and deliver the unparalleled service that is the mark of both organizations.”
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