The boards of directors of Connected CU and Winslow Community FCU agreed to pursue a merger between the two Maine-based credit unions.
The Connected CU name will be adopted by the merged credit union, and all staff members will be retained.
Current Connected CU CEO Richard Lachance will be the CEO of the merged entity, while current Winslow Community FCU CEO Cathy Bond will be the president.
The credit unions have a tentative target date of July 1, 2020, for completion of the merger, subject to final regulatory approval and an affirmative vote from Winslow Community FCU's members.
Connected CU has assets totaling $44 million, while Winslow Community FCU has $43 million in assets, according to information posted on Winslow Community FCU's website.
