August 6, 2007 Members of four Maine credit unions approved the recent mergers of their respective credit unions and, as a result, GPM CU is now part of Evergreen CU, and Bowdoinham FCU has become part of Down East CU. For members, the mergers mean additional branches, products and services as well as other opportunities not previously available for members of the two merging credit unions.
Unlike mergers of other financial institutions, credit union mergers must be approved by a majority of the members of the merging credit unions. "When credit unions merge, the focus is on whether the impact on members will be positive and, in both cases, the members of all of the affected credit unions will benefit," explained John Murphy, President of the Maine Credit Union League.
Because of the mergers, Evergreen CU now has approximately $182 million in assets, more than 23,000 members, and five locations in Cumberland County, while Down East CU grows to approximately $76 million in assets, 15,000 members and now has 8 locations spanning from Calais to Bowdoinham.
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