Special Announcement to Our Members
Dear Midcoast Members,
Today, I share with all of our members that the Boards of Directors of Maine State Credit Union and Midcoast Federal Credit Union have mutually agreed to discontinue plans to merge the two credit unions. Having recently achieved regulatory approval to advance to a vote of the members, both organizations took stock of the current merger status and agreed that proceeding was not in the best interests of the members and employees. As Tucker Cole, Maine State President/CEO, stated in our recent press release, “The challenge of bringing together two successful organizations is just that, both Credit Unions have been thriving individually and cultural alignment is difficult to achieve.” While we remained collaborative throughout the process, both institutions set a high bar in our definition of a successful partnership and we were equally uncompromising when the result appeared to fall short. Our discussions ended amicably, and we will continue to work together to promote the value of credit unions for Maine consumers.
This decision in no way diminishes our ability, nor our commitment to serving the financial needs of our members and our allegiance to the Mid Coast communities that we serve. We remain a strong, innovative not-for-profit cooperative, rich with dedicated employees that are eager to support your success.
We will continue to explore all opportunities that may enhance our value to our members, and I thank you for your continued trust and support as our journey continues, together.
Joseph R. Gervais
President / CEO
Midcoast Federal Credit Union