Courtesy / Maine State Credit Union
Adam Kavanagh
July 30, 2021
Maine State Credit Union builds on technology growth with new COO appointment
Courtesy / Maine State Credit Union
Maine State Credit Union promoted from within as part of a realignment aimed at continued growth despite the ongoing challenges of the pandemic.
By Staff
Augusta-based Maine State Credit Union has selected from within its ranks a 10-year veteran of the credit union industry as chief operation officer and senior vice president.
Adam Kavanagh has been at Maine State Credit Union for the past six years, starting as a risk manager and then operations manager. In 2019, he became a certified credit union executive through the Credit Union National Association School of Management.
As COO, Kavanagh will oversee information technology and security, risk management, and the mobile and online banking platforms.
“Adam is an innovator at heart,” CEO Tucker Cole said in a news release. “He is always thinking of ways to improve the member experience process as well as how we can use technology to make it even easier for our members to do business with us. I am excited to see how our digital platforms transform under his leadership.”
Kavanagh, a Freeport resident, said, “I look forward to the challenges of this role and building an infrastructure that helps members have a better credit union banking experience.”
The promotion comes several months after a merger between Maine State Credit Union and Midcoast Federal Credit Union was called off by both organizations.
During the pandemic, one of the biggest challenges facing the credit union industry has been the need for creative approaches to maintain member relationships. Technology has proven key, as use of digital banking platforms increased significantly once branch lobbies closed.
In May, Maine State Credit Union reported that digital usage grew by 38% in 2020, while membership grew by 5%.
To build on the momentum, the organization realigned several departments, a change its expects to foster continued growth and prepare the organization to expand into Cumberland, Androscoggin and Sagadahoc counties.
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