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September 18, 2024

Saco-based credit union gets green light to expand

By Renee Cordes

PeoplesChoice Credit Union, headquartered in Saco and with operations in two Maine counties, has received the green light from the state's financial watchdog to expand into seven more.

Two men standing in a credit union
File photo / Maine Credit Union League
President Luke Labbe of PeoplesChoice Credit Union

Initially chartered in 1963, the credit union was founded by a group of parishioners from St. Joseph’s Church in Biddeford, who served as volunteers to the credit union. 

At first, membership was open to individuals who live, work or attend school in Cumberland and York counties, as well as members of the immediate family and organizations and associations to which the members belong.

With expansion in mind, the credit union applied to Maine’s Bureau of Financial Institutions to add seven counties to its field of membership: Androscoggin, Aroostook, Franklin, Oxford, Penobscot, Piscataquis and Somerset.

The regulator granted the credit union’s request in a decision announced Sept. 17.

"PeoplesChoice is looking to help more Mainers who live in areas of the state that are underbanked and underserved," Luke Labbe, president of PeoplesChoice, told Mainebiz.

For example, the credit union's Spendshield Checking Accounts offer early payroll deposit and what it says are the lowest overdraft fees in the state.

With $341.6 million in assets as of Sept. 30, 2023, PeoplesChoice was ranked No. 12 among the largest Maine-based credit unions in the 2024 Mainebiz Book of Lists.

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