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MAINE STATE CREDIT UNION AND MIDCOAST FEDERAL CREDIT UNION   ANNOUNCE THEIR INTENT TO MERGE 

MAINE STATE CREDIT UNION AND MIDCOASTFEDERAL CREDIT UNION  

ANNOUNCE THEIR INTENT TO MERGE 

 

Maine State Credit Union (Augusta, ME) and Midcoast Federal Credit Union (Freeport, ME) have announced plans to merge subject to regulatory and member approval.Combined, theentity will stewardover $725 million in member assets and serve more than 46,000 members from eight locations inCentral and Mid Coast Maine. Theorganizations expect to finalize the partnershipin 2021.  

The goal of combining the two credit unions is to enhance member value through innovation, vendor consolidation, and the alignment of its “best of class” products and services.As we explored this collaboration, we found many synergies in our approach to providing service excellence. We recognize that together, ourmembers will benefit from expanded service locations, improved technology solutions, and highly competitive loan and deposit rates.” said H. Tucker Cole, Maine State President/CEO. 

Sharing similar core values and culture, both organizations place a high priority on thewell-being of their employees. “We strongly believe that employee satisfaction is essential to member satisfaction. Finding a partner that is genuinely committed to the professional development of its employees was essential in Midcoast’s decision to partner with Maine State. Together, we will continue to cultivate a workplace that values and empowers its employees,” said Joe Gervais, Midcoast President/CEO. Both Credit Unions are perennial recipients of the Best Places to Work in Maine distinction. 

The combined Credit Union will build on the strengths of each and expand its servicesto individuals and businesses located in the Maine counties of Androscoggin, Cumberland, Kennebec, Knox, Lincoln, and Sagadahoc. Additionally, the Credit Union will continue to serve the financial needs of Maine State employees and related associations. Led by Cole as Chief Executive Officer and Gervais as President,the entity will retain the Maine State Credit Union name and headquarters in Augusta, along with its branch locations in Augusta, Bath, Brunswick, Edgecomb, Freeport, Thomaston, and Waterville.  

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