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BUREAU OF FINANCIAL INSTITUTIONS
Department of Professional and Financial Regulation
State of Maine
ORDER APPROVING APPLICATION OF
FIVE COUNTY CREDIT UNTION TO MERGE WITH
KNOX COUNTY FEDERAL CREDIT UNION
UNDER THE CHARTER AND WITH THE TITLE OF
FIVE COUNTY CREDIT UNION
Five County Credit Union, Bath, Maine ("FCCU") applied to
the Superintendent of the Maine Bureau of Financial Institutions ("the
Superintendent"), pursuant to 9-B M.R.S.A. § 872, to merge
with Knox County Federal Credit Union, Rockland, Maine ("Knox County
FCU") under the charter and with the title of Five County Credit
Union.
The application was accepted for processing on September 7, 2006. Public
notice, as required by Title 9-B M.R.S.A. §252(2)(B), was provided
by publication, posting on the Bureau's website and e-mail to interested
parties affording them an opportunity to either submit written comments
or request a hearing. No comments were received during the public comment
period which ended October 13, 2006.
A Principal Bank Examiner of the Maine Bureau of Financial Institutions
conducted an investigation of this transaction. All evidence and pertinent
material that were considered by the Examiner were also considered by
the Superintendent in reaching his decision.
FCCU is a community-chartered credit union whose field of membership
consists primarily of persons who live, work or worship in the Counties
of Androscoggin, Cumberland, Kennebec, Lincoln, Sagadahoc, Somerset
or Waldo. Knox County FCU is a community-chartered credit union whose
field of membership consists of persons who live or work in Knox County.
In order to facilitate the merger, FCCU has proposed to amend its bylaws
to expand its field of membership to include persons who live, work
or worship in Knox County.
At June 30, 2006, FCCU had total assets of $118 million and 18,950
members. As of the same date, Knox County FCU had total assets of $22
million and 4,132 members.
The proposed transaction should provide members of Knox County FCU
access to increased financial products and services, including FCCU's
offices in eight locations. FCCU has the managerial and financial resources
to absorb Knox County FCU without adversely affecting its overall condition.
The merger should contribute to the long-term strength of FCCU. Therefore,
the application of Five County Credit Union to merge with Knox County
Federal Credit Union is approved. The transaction shall be completed
within one year of the effective date of this Order, unless a written
extension is granted by the Superintendent. The field of membership
amendment to the bylaws of FCCU is also approved.
Any person aggrieved by this Order shall be entitled to a judicial
review of the Order in accordance with the Maine Administrative Procedure
Act, Title 5, Chapter 375, subchapter VII.
By order of the Superintendent, effective December 1, 2006.
Lloyd P. LaFountain III
Superintendent
Gardiner, Maine
November 1, 2006
