We're excited to share that our merger application was officially approved by the National Credit Union Administration (NCUA) on Thursday, January 3. You may be wondering what that means and what happens now? Over the next few weeks, you'll see more communication from us regarding the next steps with the merger process.
Step 1: FTC approval
Now that the NCUA approved our application, the next step is to get approval from the Federal Trade Commission (FTC). Basically, we need to submit an application for the FTC to review and deems that we're not going to be a monopoly.
Step 2: Merger Vote
You'll be receiving, if you haven't already, a letter from Scott Chretien, President/CEO of York County FCU regarding the merger vote. We'll be hosting a special meeting on Tuesday, February 12 at 5:30 pm at our South Sanford branch (1516 Main Street, Sanford, ME 04073) for members to speak with Board of Directors about any questions or concerns they have before they vote.
If you don't have any questions or concerns and just want to vote, the letter from Scott also contains and ballot and a prepaid envelope you can mail in. Please note that your ballots will not be accepted at branches and should be either mailed, faxed, or emailed to our third-party auditor by Friday, February 8 in order to be counted.
Step 3: Board of Director Approval
At this point, the mailed-in ballots and the in-person ballots are all tallied and we officially receive an approval from our membership. Now, the Board of Directors vote to approve the merger. This approval will seal the deal, the merger approval will be announced to membership on Wednesday, and the conversion process begins.
Step 4: York County FCU becomes Atlantic FCU
Once the Board of Directors approves the merger, the conversion process begins. At this time, the merger will be completed on June 1. At that time, everything that says York County FCU will become Atlantic FCU.
We'll have more communications going out to members about the impact of the merger conversion, as it becomes available. You can visit our dedicated merger webpage here: www.yorkcountyfcu.com/merger.