Maine State CU Gets OK to Double Presence in Maine

(From Mainebiz) – Maine State CU has received approval to expand geographically, bringing its presence to eight of Maine’s 16 counties.

Effective June 2, the Maine Bureau of Financial Institutions gave the OK for the credit union to do business in Knox, Lincoln, Somerset and Waldo counties. It already serves Androscoggin, Cumberland, Kennebec, Sagadahoc counties.

The credit union, which has more than 100 employees, currently has two branches in Augusta and one in Waterville. It aims to add two new branches by 2023, which will create about 20 new jobs.

“Growth and new market share are essential to our members. Our goal is to always provide excellent service, innovative technology, and competitive rates. By expanding, we’re keeping that promise,” said Maine State Credit Union President and CEO Stephen Wallace.

The Maine State CU’s history dates back to the late 1920s, after the Great Depression, when a small group of state employees discussed ways to help their fellow workers by providing small loans to one another in times of emergency. In 1935, the credit union’s first charter was approved.