Northeast Credit Union and Ocean Communities Federal Credit Union have announced that the merger between their two credit unions has been finalized as of Aug. 1, officially creating a combined financial institution of nearly $1.3 billion in assets. This unification will allow NECU the opportunity to provide expanded products and services to more than 120,000 members throughout Maine and New Hampshire.
NECU is the first state-chartered New Hampshire credit union to merge with an out-of-state credit union. With the addition of the five Maine branches, NECU will now be expanding its reach to the communities of Biddeford, Kennebunk, Saco, Sanford and Westbrook, Maine as well as all the neighboring towns in York and Cumberland counties. The partnership brings over $167 million in assets and over 12,000 new members to NECU.
“Northeast Credit Union is growing to serve more communities and increase its positive impact throughout New Hampshire and Maine,” states Tim Collia, Northeast Credit Union president and CEO. “With the combined resources of our two institutions, we are ideally positioned to focus on innovations that will enhance the overall member experience.”
Judy Morin, former CEO of OCFCU, has joined NECU’s Senior Leadership Team as the SVP chief operating officer: “The Northeast Credit Union team has been so welcoming to us and we are very grateful. With all of the former Ocean branches remaining open, and all of the former Ocean employees retained, this is an exciting time as we now have even more to offer our members, who continue to be our top priority. We are thrilled for this opportunity to better our communities.”
The merger received approval from the National Credit Union Association, the New Hampshire Banking Department, the Maine Bureau of Financial Institutions, and the members of both credit unions. Operational integration has also been completed at this time.
For online access to the merger guide, visit necu.org/merger.