On the Record: Maine credit unions ‘outpacing peers in other states’

Photo / Jim Neuger Elise Baldacci, president of the Maine Credit Union League, at the group’s headquarters in Westbrook.

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By Renee Cordes

Elise Baldacci, former deputy chief of staff for Gov. Janet Mills, took the helm of the Maine Credit Union League last June. Eight months into her role as president, Baldacci sat down with Mainebiz at the organization’s Westbrook headquarters to offer her take on the sector.

Mainebiz: What was it like returning to an organization you had worked at early in your career?

Elise Baldacci: It was like coming home. I started at the league in 2013 doing their government affairs and compliance program for about five years. Then when Gov. Mills was elected, her team reached out to me, and for me it was the right time to go into public service. I had a great time, but it is all-consuming. I have three little kids, so it was the right time to come back to a mission-driven organization.

MB: How has the industry changed since you time at the league?

EB: There has been a lot of rebranding. The Maine Credit Union League and Synergent [a fintech services provider to credit unions nationwide owned by the league] forging ahead with two presidents. Our national credit union trade group also had a consolidation with another credit union group that did federal work, so they underwent a name change. There have also been mergers among credit unions and some new faces, too.

MB: Have you noticed more women among the new leaders?

EB: There’s always been pretty strong female representation in credit unions, especially in Maine. Historically in the Katahdin region, for example, the men were running the paper mills while their wives were running the credit unions affiliated with the mills. Maine has had some incredible women pioneers in credit union world. Today, there are definitely some new women faces, which is really exciting.

MB: How is Maine’s credit sector union doing?

EB: The credit union sector in Maine is doing well. We’re outpacing our peers in other states. And just generally, we are built on the spirit of cooperation, and I feel like that is so strong here in Maine. When we’re talking about our community impact initiatives, our campaign for ending hunger just closed out a record year — with every single credit union in Maine contributing. They are coming together to foster that one Maine, collaborative spirit.

MB: What do you see as some of the challenges for credit unions?

EB: Consolidation and mergers are happening throughout the country — not just in Maine, not just for credit unions. For me, it is fostering with our members the best way to do that. We have some really small credit unions, and their CEOs wear so many hats. In some ways, they need to have options — whether it’s merging with another institution or help with succession planning, which may not be in place. Those are some things that we are looking at.

MB: What about competition with banks?

EB: There’s a lot of things that we do together with the banks, and I would love to focus on those things more rather than talking about pieces of a pie or repeating national talking points. We work together and when we do, it’s really strong. Senior$afe is a huge example — a training for front-line and back-office credit union and bank employees to be able to identify and spot the signs of elder financial abuse and then be able to have a decision tree of who to contact. It spun off into federal legislation, so now there is certain immunity for credit union employees who receive specialized training. There are so many good things we can do when we’re working together.

MB: Credit unions have been around for a long time. Are they still relevant?

EB: I think that credit unions hold such a unique place in the financial services sector. When we talk about the credit union movement, I think it truly is something that lives outside of a physical branch, and I don’t think that can ever go away.

MB: Is there room for any new credit unions in Maine?

EB: If there is another group wanting to start a new credit union, that would require tenacity and a long-term vision. We will have to make sure we educate them that it’s a very, very long road.