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BUREAU OF FINANCIAL INSTITUTIONS
Department of Professional and Financial Regulation
State of Maine
ORDER APPROVING APPLICATION OF
EVERGREEN CREDIT UNION, PORTLAND, MAINE
TO MERGE WITH
GPM CREDIT UNION, S0UTH PORTLAND, MAINE
UNDER THE CHARTER AND WITH THE NAME OF
EVERGREEN CREDIT UNION
Evergreen Credit Union, Portland, Maine ("Evergreen CU")
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 GPM Credit Union, South Portland, Maine ("GPM CU")
under the charter and with the title of Evergreen Credit Union.
The application was accepted for processing on May 4, 2007. 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 June 9, 2007.
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.
Evergreen CU and GPM CU are both community-chartered credit unions
whose field of membership consists of persons who live, work, worship,
or attend school in and businesses and other legal entities located
in Cumberland County. At March 31, 2007, Evergreen CU had total assets
of $121 million and 14,463 members. As of the same date, GPM CU had
total assets of $67 million and 7,334 members.
Although both credit unions are direct competitors in the Cumberland
County market, there are 13 alternative credit unions and 16 banks operating
branches in this market and holding total market deposits of $6.7 billion.
After the proposed merger, Evergreen CU would be the second largest
credit union in the market with a 19% share of credit union deposits
and the ninth largest financial institution in the market with a 2%
market share of total deposits. Accordingly, the Bureau concludes that
consummation of the transaction should not have a significantly adverse
effect on competition in the Cumberland County market.
Evergreen CU has the managerial and financial resources to absorb
GPM CU without adversely affecting its overall condition. The merger
should contribute to the long-term strength of Evergreen CU and members
of both credit unions should benefit from increased efficiencies produced
by consolidation of operations and economies of scale. Therefore, the
application of Evergreen Credit Union to merge with GPM CU 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.
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 close of business July 12,
2007.
Lloyd P. LaFountain III
Superintendent
Gardiner, Maine
June 12, 2007
