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FINANCIAL INSTITUTIONS SUPERINTENDENT'S
Down East Credit Union, Baileyville, Maine, has requested permission to amend its bylaws to expand its field of membership, in accordance with Title 9-B M.R.S.A. § 848. The request was filed in conjunction with an application filed by Down East Credit Union to merge with Bowdoinham Federal Credit Union.
Presently, Down East Credit Union is a community-chartered credit union whose field of membership consists of persons who live, work, worship, or attend school in Hancock, Kennebec, Lincoln, Penobscot, Waldo and Washington Counties.
To facilitate the merger with Bowdoinham Federal Credit Union, Down East Credit Union requested approval to expand its field of membership to add persons who live, work, worship or attend school in Sagadahoc County and the municipalities of Brunswick, Freeport or Harpswell, which is, along with Lincoln County, the field of membership of Bowdoinham Federal Credit Union. DECU has also requested to add persons who live, work, worship or attend school in Knox County.
The Bureau approved the merger between Down East Federal Credit Union and Bowdoinham Federal Credit Union pursuant to the authority granted in M.R.S.A. § 872. After a review and analysis of the extensive documentation submitted by Down East Credit Union in support of its request, the Bureau is also conditionally approving a change to Down East Credit Union’s bylaws to expand its field of membership in order to facilitate the merger. However, the request to include Freeport is not approved. Therefore, as amended upon consummation of the merger, the field of membership for Down East Credit Union will consist of any person who lives, works, worships or attends school in Hancock, Kennebec, Knox, Lincoln, Penobscot, Sagadahoc, Waldo or Washington Counties or the municipalities of Brunswick or Harpswell. Further, the bylaw amendment will not be effective until consummation of the merger between Down East Credit Union and Bowdoinham Federal Credit Union.
Any person aggrieved by this final agency action shall be entitled to judicial review, pursuant to the provisions the Maine Administrative Procedures Act, Title V, Chapter 375, Subchapter VII (5 M.R.S.A. § 11001, et seq.).
Last Updated: October 21, 2010
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