BAILEYVILLE – St. Croix Federal Credit Union announced Friday that the 65-year-old institution has a new name, Down East Federal Credit Union.

David Tozier, president and CEO, said the credit union was established in 1941 by the employees of the former St. Croix Pulp and Paper Co. The credit union for many years served only the residents of the surrounding communities.

In 1996, the Baileyville credit union expanded to Machias, where the institution opened its first branch. The credit union is called a low-income designated credit union because it serves the underserved, according to a company official.

In 1999, the credit union opened a branch in Belfast, and three years ago it opened its Unity branch. The credit union employs 48 people and serves more than 10,000 members.

Its field of members includes not only customers in Washington and Hancock counties, but also in Penobscot and Waldo counties.