York County Federal Credit Union of Sanford and Atlantic Federal Credit Union of Brunswick have decided to merge, the two credit unions said Monday.

“We believe it is in the immediate and long-term interest of our (members) to pursue a merger of the two credit unions,” the boards of directors of both credit unions said in a joint statement. “We are confident that this will result in creating a single credit union that is stronger, more vibrant and better positioned to do even more to serve members in the future.”

Founded in 1941 as St. John’s Federal Credit Union, Atlantic has roughly $363 million in assets and more than 21,000 members. Founded in 1954 as York County Teachers Federal Credit Union, York has assets of about $303 million and more than 23,000 members.

The interests of the combined 44,000 members of the two credit unions are the focus of the merger, the two credit unions said. For example, they would have access to nearly double the branch locations with a complementary footprint, adding greater convenience and access across southern Maine. York has two offices in Sanford along with offices in York, Biddeford and Saco, and Atlantic has locations in Cumberland, Freeport, Brunswick and Topsham.

No branches would close as a result of the proposed merger, the credit unions said.

The endorsement from both boards is just the first step in a multistep process that includes obtaining regulatory approval. If the merger is approved, the resulting credit union would be named Atlantic Federal Credit Union.

J. Craig Anderson can be contacted at 791-6390 or at:

[email protected]

Twitter: jcraiganderson

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