Hampden-based credit union unveils leadership succession plan

Photos / Courtesy Maine Savings Federal Credit Union At Maine Savings Federal Credit Union, Vanessa Madore will succeed John Reed as president and CEO in a two-step process. Madore currently serves as chief operating officer, while Reed has been president and CEO since 1990.

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By Renee Cordes

Maine's second-largest credit union has unveiled a two-step succession plan for a new president and CEO by 2023.

John Reed, who has served in both roles at Hampden-based Maine Savings Federal Credit Union since 1990, will step down as president at the end of this year and work closely with incoming president Vanessa Madore, who will be promoted from her position as chief operations officer.

Reed will stay on as CEO until his retirement in January 2023, when Madore will become both president and CEO.

"Our succession plan is solid and transparent, and will allow me to work closely with Vanessa over the next 24 months to ensure a smooth transition," Reed said in a Dec. 1 press release.

With assets of $518 million as of Sept. 30, Maine Savings Credit Union is the second-largest based in Maine, according to the most recent Mainebiz ranking.

Founded in 1961 by employees of the Bangor and Aroostook Railroad Co., Maine Savings today has nearly 31,000 members 11 branches and 120 employees. It has branches in Bangor, Bar Harbor (at Jackson Laboratory), Brewer, Corinth, Ellsworth, Hampden, Milo, North Vassalboro, Old Town and Portland.

Credit unions and diversity

Todd Mason, president of the Westbrook-based Maine Credit Union League, welcomed news of the appointment.

“The credit union movement has a firm commitment to equity and diversity, and Maine’s credit unions are leading by example," he told Mainebiz on Friday.

"When Vanessa Madore assumes the position of president, she will join 26 other women who are proudly serving as president or CEO at their respected credit unions. Nearly half of all Maine credit unions are female-led, which is a noteworthy statistic that I am proud of.”

Gender diversity on boards is also a priority for many Maine credit unions, with women making up more than a third of board directors at 54 institutions in the state.

Madore said in Tuesday's news release that she will be honored to serve as the third president and CEO of Maine Savings FCU in its 60-year history.

"In this role," she said, "I plan to focus on our vision, values, employee engagement, products and services, our member service standards and our communities. I will continue our legacy of people helping people while ensuring that our approach is always member-centric. Our goal is to be there for our members at all life stages and ultimately to be their financial life partner.”

Madore grew up in Hampden and has been with Maine Savings for 16 years, starting he career as a teller after graduating from Smith College. She has served as the credit union's chief operations officer since May 2019.

She is a Bangor Region Leadership Institute alum and received an MBA from Southern New Hampshire University in 2015. Her community services including serving on board of directors at Legal Services for the Elderly and membership in the Maine Council for Elder Abuse Prevention’s Education and Awareness Committee.