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Department of Professional and Financial Regulation

State of Maine

Down East Federal Credit Union, Baileyville, Maine, has applied to the Bank Superintendent pursuant to 9-B MRSA Chapter 87 for prior approval to convert to a state-chartered credit union with the name Down East Credit Union and to merge Capital Area Federal Credit Union, Augusta, Maine with and into Down East Credit Union.  Down East Credit Union has also filed a bylaw amendment notice to amend its field of membership to include persons who live, work, worship or attend school in Washington, Hancock, Penobscot, Waldo, Lincoln and Kennebec Counties, Maine.  The requested field of membership combines the existing fields of membership of Down East Federal Credit Union and Capital Area Federal Credit Union.

The public is invited to submit written comments on the conversion and merger applications to the Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333-0036 or electronically through the Bureau of Financial Institutions’ Web site at .  A hearing on the conversion and merger applications will be held by the Bank Superintendent, as provided in 9-B MRSA Section 252, upon receipt of a bona fide and reasonable request.  The Bureau will accept written comments and requests for a hearing through Wednesday, July 12, 2006. The Superintendent’s decision on the conversion and merger applications will be based on the decision-making criteria set forth in 9-B MRSA Section 253.

Comments on the field of membership expansion will not be accepted inasmuch as that notice is not an application process subject to the decision-making process set forth in 9-B MRSA Section 252.  However, as required by 9-B MRSA Section 814(1)(B), the Superintendent will provide notice to interested parties on the decision on the bylaw amendment.

Lloyd P. LaFountain III


Gardiner, Maine

June 7, 2006


Last Updated: November 8, 2018