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|Northeast Credit Union Merger Moves Forward|
|Published Wednesday, August 2, 2017|
Tim Collia, president and CEO of Northeast Credit Union, and Judy Morin, former CEO of Ocean Communities Federal Credit Union, at NECU’s headquarters in Portsmouth. Photo: NECU
Northeast Credit Union (NECU) in Portsmouth merged with Ocean Communities Federal Credit Union (OCFCU) in Maine, effective Aug.1. NECU is the first state-chartered NH credit union to merge with an out-of-state credit union.
With the addition of OCFCU's five Maine branches, NECU will now be expanding its reach to the communities of Biddeford, Kennebunk, Saco, Sanford, and Westbrook, as well as all the neighboring towns in York and Cumberland counties. The partnership adds over $167 million in assets and more than 12,000 new members to NECU, bringing the combined financial institution's total assets to nearly $1.3 billion.
“Northeast Credit Union is growing to serve more communities and increase its positive impact throughout New Hampshire and Maine,” says Tim Collia, president and CEO of NECU. “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, the former CEO of OCFCU, will now serve as senior VP, COO of NECU. “The Northeast Credit Union team has been so welcoming to us and we are very grateful," Morin says. "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 was approved by the National Credit Union Association, the NH Banking Department, the Maine Bureau of Financial Institutions and the members of both credit unions. Operational integration has already been completed.
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