Penobscot County FCU and The County FCU Plan to Merge
The Board of Directors from The County Federal Credit Union (CFCU) and Penobscot County Federal Credit Union (PCFCU) have agreed to merge the two institutions.
Both Boards of Directors agree that the merger would improve and increase benefits to both memberships. The merger is subject to member and regulatory approval.
The County Federal Credit Union was originally founded as Loring Federal Credit
Union in 1956 to serve the military and civilian workers at the Loring Air Force
Base. After several successful mergers of smaller credit unions and a name
change in 1983, The County’s assets have grown to $248 million with over 19,000
members. The County FCU has an Operations Center and four branches in central and
southern Aroostook County, with a planned opening of a new branch in Mars Hill in
Penobscot County FCU was founded in 1968 to serve the workers at the Old Town Mill
and later was granted a charter expansion to include all of Penobscot County.
Penobscot County FCU with its three branches has assets of $75 million and over
CFCU President/CEO Ryan Ellsworth will become President/CEO of the
combined organization. Steve Baillargeon, current President/CEO of PCFCU, has
announced his retirement but will remain on as part of the transition team/liaison for a
minimum of six months and will stay longer if needed.
Barring any unforeseen delays during the process a merger completion date of April 1, 2020 is targeted.