PHOTO courtesy of Maine State Credit Union
Maine State Credit Union employees (from left to right) Michael Covach, Ellie Foster, Breana Bray, Kalee Michaud and Natalie Sicina jump for joy at the Dempsey Challenge.
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Sponsored by: Maine State Credit Union
Updated: August 1, 2022
2022 Fact Book: Doing Business in Maine
Maine State Credit Union
PHOTO courtesy of Maine State Credit Union
Maine State Credit Union employees (from left to right) Adam Kavanagh, Milicent Markle, Emma Quirion and Martha Monroe at Fall Fun.
Helping Mainers reach their financial goals
Maine State Credit Union has come a long way since its humble beginnings under the stairs at the State House as the Maine State House Employees Credit Union.
In the late 1920s, after the Great Depression, a small band of state employees gathered to discuss the needs of their fellow workers and how they might be able to find a way to provide small loans to one another in times of emergency. Soon after, October 18, 1935, the credit union’s first charter was approved.
Back then it only took 25 cents to join, and a fully paid share was $5. Membership was limited to employees located in the State House building and their immediate families and by the end of the 1930s, enrollment featured 437 out of 500 potential members.
After a difficult period of war resulting in member loss and share and loan balance decreases, the enactment of the Credit Union Law took place and made it possible to convert from a federal to a state credit union. In 1944 the organization’s charter was broadened to include all state employees as potential members and our name became Maine State Employees’ Credit Union.
The next big change occurred 60 years later when, in 2004, the credit union was granted a community charter allowing anyone who lived, worked, worshiped or attended school in Kennebec County to be eligible for membership. As a result, the Maine State Employees’ Credit Union was renamed the Maine State Credit Union to reflect the transition. Shortly after that, the Maine State Credit Union merged with Greater Waterville Area Federal Credit Union and opened the Greater Waterville branch.
Today, 87 years later, the Maine State Credit Union is the second largest credit union in Maine with over $582 million in assets while still operating by the founding purpose as outlined, unaltered, in the original by-laws: “The purpose of this credit union is to promote thrift among its members, by affording them the opportunity for accumulating their savings, and to create for them a source of credit for loans for provident and productive purposes.”
Growth mindset
Maine State Credit Union has four brick and mortar locations that serve more than 33,000 members with their financial needs – two in Augusta, one in Waterville and a Lending Office in Portland – and will expand its network this year with branches in Gray (October 2022) and Rockland (February 2023) – creating approximately 10 new jobs. Further growth continued in June when the Bureau of Financial Institutions of the State of Maine approved a request for Maine State Credit Union to expand into four new counties, allowing residents who live, work, worship, volunteer or attend school in Knox, Lincoln, Somerset and Waldo counties to become members. The approved request now makes membership available in eight of the 16 counties in Maine (including Androscoggin, Cumberland, Kennebec and Sagadahoc in addition to the counties listed above) with 54 percent of the state population now eligible to become a member.
While a larger pool of members provides a great opportunity for Maine State Credit Union to continue to grow its business – in the past five years it has enjoyed a 45 percent increase in assets and an uptick in membership of more than three percent year-over-year – the credit union believes its employees and company culture are the reason for its success as a result of investing in its 100-plus employees by:
Providing over 6,000 hours of training (approximately 67 hours per employee) allowing for sales, service, and leadership development.
Implementing an Internal Cultural Committee, which monitors the pulse of the organization. The committee is made up of employees from all levels of the credit union – from tellers (member service representatives) to the CEO. Each team member recognizes and takes pride in the responsibility of representing the voice of 100-plus employees. By creating an environment of safety and openness, members of the committee are comfortable and confident addressing organizational challenges as they arise. They help to ensure that success stories are shared, discussed, and celebrated. This has resulted in great ideas that have been implemented and addressed across the organization.
All employees are encouraged to attend a monthly constituent meeting, led by a member of the Internal Cultural Committee. This is a great opportunity for employees to engage with co-workers they may not work with each day, to enhance relationships across the organization and promote cross-departmental collaboration. Meeting topics have included: “temperature checks” on organizational values, how to create an environment of psychological safety in the workplace and identifying areas to enhance internal and external service. A cornerstone for each monthly meeting is the sharing of feedback. Employees are welcome and encouraged to constructively share thoughts, suggestions or observations on items that impact the workplace culture. The information cultivated from each meeting is reviewed by the Internal Cultural Committee where trends, challenges and successes can be identified.
I have been fortunate to have Maine State Credit Union see my potential and invest in my career. I love the variety of things that I can work on and I enjoy helping new teammates grow and develop into future leaders.
— Brie-Anne Mellor, Senior Vice President and Chief Lending Officer
The internal training and culture development allow employees to mature in their position at a faster pace, which leads to internal promotion before it becomes necessary to explore external options to fill open positions. At Maine State Credit Union, it is normal for an employee to start as a member service representative (teller) and experience a promotion within six months. We have consistent change and movement, and this fluidity allows for innovation and an influx of new ideas and better ways to do things.
This internal employee advancement can be best exemplified by a recent change of the Maine State Credit Union’s senior leadership team. Everyone on the team was promoted from within to the role, including President and CEO Stephen Wallace. In addition, Shane Abbott, Senior Vice President and Chief Retail Officer, and Brie-Anne Mellor, Senior Vice President and Chief Lending Officer, both started on the teller line. The culture and the training at the credit union outlined above provided the opportunity for these two senior leaders to develop into the roles that they enjoy with the credit union today.
“I have been fortunate to have Maine State Credit Union see my potential and invest in my career,” Mellor said. “I love the variety of things that I can work on and I enjoy helping new teammates grow and develop into future leaders.”
PHOTO courtesy of Maine State Credit Union
The Maine State Credit Union, then known as the Maine State Employees Credit Union, operates under the stairs at the State House.
Best Place to Work
Concentrating on internal culture and employee advancement has made for a happy work environment for Maine State Credit Union employees. For the past 10 years the organization has been recognized as one of the Best Places to Work in Maine, was recently named to the Forbes Best-In-State Credit Union list and is consistently voted as one of the best credit unions in both Augusta and Waterville by members.
“Culture is my passion. I love working with people to help identify development opportunities and a career path that’s right for them.” said Amanda Crommett, Vice President, Talent Development. “Everyone has a unique story and experience which is what makes this such a fun and inspiring place to work.”
The Maine State Credit Union has also had an impact in the community in which it operates. Since 1999, the organization has helped raise nearly $1 million to address hunger in Maine through its annual Feed ME 5K walk as well as other activates throughout the year. It also supports numerous local charities to the tune of $85,000 annually and, in 2020, created a scholarship endowment fund in the name of the late CEO, Normand Dubreuil. This was created to help Mainers attend college at Maine Maritime Academy and the Maine Community College System. Since its inception, the Credit Union has contributed over $250,000 and, in 2021 alone, helped more than 50 students achieve their dream of higher education.
“I love coming to work each day,” said Ariel Carron, Marketing Specialist. “There is a true sense of teamwork. You know that someone always has your back, and you can approach anyone with an issue. This is one of the best places that I have worked.”
Maine State Credit Union
200 Capitol St., Augusta, ME
Sector: Credit Union
Stephen Wallace, President and CEO
Founded: 1935
Maine employees: 104
