Northeast Credit Union and Ocean Communities Federal Credit Union Seek to Merge

Northeast Credit Union in Portsmouth and Ocean Communities Federal Credit Union in Biddeford, Maine, jointly announced on July 28 their intent to merge subject to regulatory and other approvals. The merger of these two organizations will create a credit union serving approximately 124,000 members. The combined partnership will provide a broader array of financial products, services and technology to Ocean Communities’ members and expand Northeast Credit Union’s member base.

The combined institution will have 20 branches, with locations stretching from NH’s great north woods, through the Upper Valley region, across the Merrimack Valley, to the seacoast, and expanding into Southern Maine.

"Northeast Credit Union is the ideal strategic partner for us,” says 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.”

“We welcome Ocean Communities members to our credit union family, and invite their membership to enjoy the added convenience of the 15 full- service Northeast Credit Union branches in New Hampshire, as well as our full range of financial products, services, and expanded technology services” says Tim Collia, president and CEO of Northeast Credit Union. “Our similar cultures, complementary geographies, and service strengths make this combination a natural fit.”

The Intent to Merge Agreement is the first formal step in the merger process. Approvals from the National Credit Union Administration, the State of NH Banking Department, and the Credit Unions’ membership, are the next steps necessary for completing the transaction. Both credit unions’ boards and senior management teams recommend the approval of the merger, which is expected to be completed by the end of the fourth quarter of 2016.

Northeast Credit Union, established in 1936, has more than $1 billion in assets and serves more than 110,000 members at branches in Berlin, Concord, Conway, Dover, Exeter, Gorham, Lebanon, Lee, Manchester, Merrimack, Northwood, Plymouth, Portsmouth, the Portsmouth Naval Shipyard, and Rochester. Ocean Communities Federal Credit Union started as St. Andre's Federal Credit Union more than 65 years ago. In 1988, the name was changed to Ocean Communities Federal Credit Union. The credit union has five branches located in Biddeford, Kennebunk, Saco, Sanford, and Westbrook, Maine, and several remote ATM locations. Ocean Communities Federal Credit Union has over 12,000 members and holds assets of approximately $167,000,000.