Maine State Credit Union promotes EVP to president, CEO
Courtesy / Maine State Credit Union
Stephen Wallace will become the new president and CEO of Maine State Credit Union.
Maine State Credit Union said Tuesday it will promote Stephen Wallace, currently executive vice president, to president and CEO.
Selected after a nationwide search, Wallace will succeed current President and CEO Tucker Cole, who plans to retire on June 1.
Wallace, a Maine native, joined Maine State Credit Union in 2017 as vice president of lending. He started his financial service career at Fleet Bank, and also worked at Camden National Bank and as a consultant for community banks and credit unions.
"Steve exemplifies what Maine State Credit Union is," said board Chair George Lapointe. "He lives the credit union mission each day and encourages a culture of learning and development in serving our members. He has a great vision for the future of the credit union and understands the importance of providing digital banking tools, and human interaction is the key to continued growth."
Cole said, “Stephen is someone who believes in the importance of great workplace culture. I know I am leaving the credit union in the best possible hands."
Cole began working in the industry at Evergreen Credit Union and joined Maine State Credit Union in 2016 as president and CEO. He also served a term as chairman of the Maine Credit Union League board of directors.
During his tenure at Maine State Credit Union, Cole has led the organization's digital transformation, created a commercial business division, and expanded the geographic footprint of the credit union's membership to include Cumberland, Androscoggin and Sagadahoc counties.
Maine State Credit Union, founded in 1935, is the second-largest credit union in the state of Maine, with $585 million in assets. Based in Augusta, the credit union serves members who live in Androscoggin, Cumberland, Kennebec and Sagadahoc counties.
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