We are excited to announce that both the National Credit Union Administration and the Superintendent of the State of Maine, Bureau of Financial Institutions have approved the application of Connected Credit Union of Augusta to merge with Winslow Community Federal Credit Union of Winslow. In a separate action, the Superintendent has simultaneously approved a bylaw amendment to expand the Field of Membership, contingent on completion of the merger.
Connected is a community chartered Maine Credit Union whose field of membership consists of anyone living, working, attending school or worshipping in Kennebec or Somerset County as well as other common groups that include, members of the Maine Education Association and its employees; employees of the Kennebec Valley Chamber of Commerce and employees of Employment Specialists of Maine. At Dec. 31, 2019, Connected had assets of $46.6 million, 3,870 members and two offices located in Augusta, Me.
Winslow is a community chartered federal credit union whose field of membership consists of persons who live, work, worship, attend school, or businesses located in one of 14 towns in Eastern Kennebec, Western Waldo or Southern Somerset County. At Dec. 31, 2019 Winslow had assets of $43.8 million, 4,710 members and a single office located in Winslow, Me.
Upon successful completion of the merger, Connected’s community field of membership will be expanded to include anyone living, working, attending school or worshipping in the rural district comprised of Kennebec, Somerset, Lincoln and Waldo Counties. The existing association common bond group will also remain in Connected’s Field of Membership. This is very exciting news as it encompasses the current communities served by Winslow Community FCU with the potential to add new members from all of Lincoln and Waldo Counties.
In reaching a decision to approve the application, the Bureau of Financial Institutions determined that “the Continuing Credit Union (Connected) has the managerial and financial resources to operate successfully. The merger should contribute to the long-term strength of Connected and members of both credit unions should benefit from increased efficiencies produced by consolidation of operations and economies of scale.” By creating efficiencies and scale, our credit union will be able to offer enhanced services and technology in the years ahead. Expanding our geographic footprint allows for continued growth and added access for members.
What’s next? Within the next couple of weeks members of both credit unions will be receiving ballots in order to vote to complete the merger. You can mail in your ballot or plan to attend the special meeting and vote in person. Dates, times and locations will be included in your special mailing. The Boards of Directors and Staffs of Connected and Winslow have been working diligently over the past few months to bring our two credit unions together. In a few short months, we’ve come together as a team to make this partnership into something our members can be proud of for many years to come. We ask you to join our financial regulators and Boards of Directors in supporting this merger by voting YES when you receive your ballot. As always, we welcome any questions you may have. You may email Connected CU at firstname.lastname@example.org or call Rick Lachance, CEO at 623-3857 x1204 or email Winslow Community FCU at mergerinfo@WCFCU.com or call Cathy Bond, CEO at 872-2636 x118.
When will the merger be finalized? The results of the member votes will be finalized at the Winslow Special Meeting of Members on May 13th. If approved, the legal date of the merger will be no later than June 30th. All members will receive a “Welcome Packet” prior to the effective date. Other than branding of the Connected Credit Union name, it will be business as usual and members will experience very little change. A data conversion is tentatively scheduled for later this fall. Prior to the data conversion, members will receive communications regarding changes to their accounts and any required action needed on their part. As credit unions, we are democratically controlled non-for-profit financial cooperatives owned and operated by our members. We urge you to exercise your right as members; please vote! Stay tuned for additional updates to be posted on our website in the coming weeks. We value and appreciate your membership and continued support as we join together to serve you better!