Merger FAQs

Frequently Asked Merger Partnership Questions for Members
•  Who is Penobscot County Federal Credit Union (PCFCU)?

A:   Penobscot County FCU was founded in 1968 to serve the workers at the Old Town Mill and later was granted a charter expansion to include all of Penobscot County. Penobscot County FCU is financially very strong, well-managed, well-capitalized credit union with assets of $90 million and over 8,500 members. Penobscot County FCU is federally insured by the NCUA, and has 3 branches in Howland, Old Town and Bangor. Both credit unions share common values and absolute commitment to serving members. You can learn more about Penobscot County Federal Credit Union at PenobscotFCU.com.

•  Will my branch remain open?

A: Yes, all branches of both PCFCU and CFCU will remain open. Members would have access to branches in Bangor, Old Town, Howland, Houlton, Mars Hill, Presque Isle, Fort Fairfield, and Caribou.

•  Can I use both Penobscot County Federal Credit Union and The County Federal Credit Union’s branches now?

A: The merger was finalized on January 1, 2021. The migration of account data will be a process that begins several months from the merger date. Members will be notified well in advance when that process will begin. Until then members may utilize the Shared Branching network to conduct transactions between Penobscot’s Branches and The County’s Branches. The network allows for most of your transactions including Deposits, Withdrawals, Transfers, Balance Inquiries, and Statement Printouts to name a few. Both credit unions are also members of the SURF Alliance network, which offers surcharge-free ATMs at over 260 ATMs in Maine.

•  Will my accounts continue to be insured?

A:  Absolutely, member’s savings in the combined credit union is federally insured by the National Credit Union Administration (NCUA) for a total of $250,000 and backed by the full faith and credit of the United States Government.

•  Will my account number change?

A:  Your account number will remain unchanged for the time being. It may change when accounts and core processing of the two credit unions are integrated. When this occurs, you will be notified well in advance of changes.

•  Will routing number change?

A:  We will retain our current routing numbers for the time being. Members with automated payments, direct deposit or other electronic transfers that use the routing number will not have to make any updates at this time. It may change when accounts and core processing of the two credit unions are integrated. When this occurs, you will be notified well in advance of any changes.

•  Will my current products and services and the terms of my existing accounts change?

Until CFCU and PCFCU accounts are converted to a common platform none of your accounts will change. Whether or not they will change after that depends on the type of account and the effect of the combining of operational procedures. Of course, you will be notified well in advance of any changes which may affect you.

Some commonly occurring questions:
Will my online and mobile banking change?
A: Not initially. During the transition period, you will continue to use the same login credentials to access online and mobile banking. You will be notified well in advance of any changes that might affect you.

Will my debit card still work?
A: Yes.

Will my PCFCU Credit card still work?
A: Yes.

What about my recurring transactions?
A: Direct Deposits, ACH, payments, checks, and recurring debit card transactions will continue to work as they do now. You will be notified well in advance of changes that may affect you if any.

Loans
-Your existing loan contract will remain in effect until the loan is paid in full.

Share Certificates
-The terms of your existing share certificate will remain in effect until the maturity date.

How are member’s accounts and printed checks impacted?
A: In the short term, members of both credit unions would experience no impact to their accounts, the checks they use, or account numbers. We would work to ensure a seamless integration so you could conduct business as you always have, without any effect on your accounts. We would need to eventually convert PCFCU members to CFCU’s core processing system, but this would not occur until sometime later in 2021.

•  What will happen to the Board of Directors?

A:  Part of the strategic vision is to optimize the board structure to have a balanced board representation of the membership and assets. It is the goal of the Boards to ensure that membership is well represented from all areas of the newly expanded field of membership. The skills, tenure, and expertise of all current board members are a great asset to the membership and the management team.

•  Are we changing the name of our credit union?

A: A new brand that progressively depicts the heritage and culture may be chosen and announced at a later date after a thorough review and vetting process. Both credit unions remain committed to our heritage of serving the financial needs of our communities. Immediately following the merger, The Penobscot County branches will continue to use the Penobscot County Federal Credit Union name, operating as a branch of The County Federal Credit Union. All other branches will use The County Federal Credit Union name.

What if I have additional questions?

A: We are here to answer all your questions! For answers to questions please call 1-877-318-3838.