BIDDEFORD — A credit union that traces its roots to the former St. Andre’s Parish has merged with a longtime credit union that was formed in 1936, in neighboring Portsmouth, New Hampshire, as a financial institution serving federal employees.

As time passed, both Ocean Communities Federal Credit Union and Northeast Credit Union expanded from their roots.

Now, the two have become one under the name Northeast Credit Union. The merger became effective Aug. 1, and according to Northeast Credit Union officials the new organization creates a combined financial institution of nearly $1.3 billion in assets. 

Ocean Communities had five locations in York and Cumberland counties — in Biddeford, Saco, Sanford, Kennebunk and Westbrook now under the NECU helm.

NCEU has 15 locations in New Hampshire.

Plans to join together were announced a year ago.

“The Northeast Credit Union team has been so welcoming to us and we are very grateful,” said Judy Morin, formerly the  CEO of Ocean Communities Federal Credit Union and now Chief Operating Officer at NECU. “With all of the former Ocean branches remaining open, and all of the former Ocean employees retained, this is an exciting time as we now have even more to offer our members, who continue to be our top priority. We are thrilled for this opportunity to better our communities.”

NECU is the first state-chartered New Hampshire credit union to merge with a credit union in another state, company officials said.

“Northeast Credit Union is growing to serve more communities and increase its positive impact throughout New Hampshire and Maine,” said  Tim Collia, Northeast Credit Union president and CEO. “With the combined resources of our two institutions, we are ideally positioned to focus on innovations that will enhance the overall member experience.”

NCEU alone had 110,000 members and assets of about  $1.1 billion. Ocean Communities Federal Credit had about 12,000 members and assets of $167 million, according to the news release.

— Senior Staff Writer Tammy Wells can be contacted at 324-4444 (local call in Sanford) or 282-1535, ext. 327 or twells@journaltribune.com.

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