March 29, 2024
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County credit unions wait for OK to merge

FORT KENT – Officials of the La Vallee Federal Credit Union and the Fort Kent Federal Credit Union are awaiting word from their federal regulatory agency on a proposal to merge the two credit unions, a move that would create a financial institution with $67 million in assets.

La Vallee FCU is a 41-year-old Madawaska-based credit union with 3,500 members and $31 million in assets. The Fort Kent FCU is a 42-year-old organization with 5,500 members and assets of $36 million.

The $67 million combined asset credit union, for which a name has not been selected, would become the 22nd largest credit union in Maine. They expect the merger will be completed by February 2006.

“Talk about a merger first started about three years ago, but serious talks began in February of this year,” David Desjardins, president and CEO of the Fort Kent FCU, said Friday. “It is just a desire to provide expanded and better services to our members.

“It’s a good fit for both institutions because our philosophies are similar in many ways,” he said. “By joining forces, we will guarantee our members better choices for years to come. In the long run, it will benefit the membership of both credit unions.”

Eddie Plourde, president and CEO of the La Vallee FCU, could not be reached Friday. Desjardins said Plourde will be retiring when the merger is complete.

Prior to completion, the merger must be approved by the National Credit Union Administration in Washington, D.C., the federal regulatory agency of credit unions and the membership of La Vallee FCU because they are merging into the Fort Kent FCU organization.

The board of directors of both credit unions have already agreed to the merger, Desjardins said.

Each credit union has its own offices in Fort Kent and Madawaska. Both are located on Main Street in their respective towns.

“We are very pleased that the two boards were able to negotiate a favorable agreement,” Elaine Guimond, chairperson of the Fort Kent FCU, said. We realize there is a lot of growth potential that will benefit members.”

“These institutions have long histories of promoting top-quality service to their members and communities,” Thomas Scott, chairman of the La Vallee FCU, said. “By joining together, not only will that service continue, but we expect it will get even better.”

Desjardins said staffs at both facilities are eager for the change.


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