A Hampden-based credit union is planning to merge with the University Credit Union later this year.
Rob Picard, president and CEO of Changing Seasons Federal Credit Union, announced the planned merger in a Monday message to members
“After careful evaluation of our credit union over the past several years, it has become increasingly obvious that the cost of doing business for a small credit union has outpaced the ability to afford the next level of products and services desired by our members, leading us to explore a merger,” Picard said.
Changing Seasons’ board of directors approached University Credit Union about a voluntary merger and both decided to move ahead.
Picard said that the change would bestow numerous benefits on members, including additional branches, more ATMs, products and services, and other benefits.
The merger still requires regulatory approval, as well as a vote of the membership in May or June, according to Changing Seasons.
If it clears both hurdles, Changing Seasons and University Credit Union would merge by July and complete the conversion by November. Changing Seasons’ seven employees, including Picard, will join University Credit Union, MaineBiz reported.
Changing Seasons’ branch in Hampden would close by the year’s end, but the credit union said that members in Greater Bangor can use the University Credit Union branch on Union Street.
Changing Seasons was founded in 1966 as Bangor Hydro Federal Credit Union, and originally served Bangor Hydro Electric Co. employees.
University Credit Union was established in 1967 and is headquartered in Orono. It has nine branches from Presque Isle to Portland. It has assets totaling $476.8 million, according to MaineBiz.