Northeast Credit Union, Ocean Communities announce merger
Member base would extend from Upper Valley to Southern Maine if approved
Northeast Credit Union and Ocean Communities Federal Credit Union announced their intent to merge, subject to regulatory and other approvals.
If combined, the credit union would serve approximately 124,000 members with 20 branches stretching from the Upper Valley region and Great North Woods across the Merrimack Valley to the Seacoast and southern Maine.
“We welcome Ocean Communities members to our credit union family, and invite their membership to enjoy the added convenience of the fifteen full-service Northeast Credit Union branches in New Hampshire, as well as our full range of financial products, services, and expanded technology services” said Tim Collia, president and CEO of Northeast Credit Union. “Our similar cultures, complementary geographies, and service strengths make this combination a natural fit. Both of our organizations are dedicated to delivering the very best to our members, and we are proud to continue the support of important events in our communities. This is an exciting opportunity for the members and employees of both organizations to build the absolute best credit union in the Northeast.”
"Northeast Credit Union is the ideal strategic partner for us,” said Judy Morin, president and CEO at Ocean Communities Federal Credit Union. “We are very excited to merge with Northeast Credit Union. Both the Northeast Credit Union and Ocean Communities Federal Credit Union Boards of Directors were unanimous in their approval of this merger. We view this as a tremendous opportunity for our members and our employees to combine with another great organization that will significantly expand our potential for mutual future success. We are committed to our members, who will continue to see the same friendly faces at their local branches.”
The Intent to Merge Agreement is the first formal step in the merger process. The credit unions will have to receive approvals from the National Credit Union Administration, the State of New Hampshire Banking Department and the credit unions’ membership. If approved, the merger is expected to be completed by the end of the fourth quarter of 2016.