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Please know that your Credit Union is safe, sound, and secure. We understand you may be concerned about your deposits during these unsettled times. Your deposits at Maine Savings are insured by the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF was created by Congress in 1970 to insure members' deposits in federally insured credit unions. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States Government. Credit union members have never lost, even a penny, of insured savings at a federally insured credit union.

https://www.ncua.gov/support-services/share-insurance-fund

In addition to insurance, we want you to know that your credit union is extremely strong financially and has a very strong capital base.

If you have questions or concerns about the safety of your deposits, please feel free to contact our Member Service Center at 800-273-6700 or CEO at mainesavings dot com

March 14, 2020

Scammers are taking advantage of fears surrounding the Coronavirus.

Avoid Coronavirus Scams

• Watch for emails claiming to be from the Centers for Disease Control and Prevention (CDC) or experts saying that have information about the virus. For the most up-to-date information about the Coronavirus, visit the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO)...

Economic and Community Impact Study

UMaine alumni throughout the U.S. will be asked to participate in an in-depth study designed to examine their economic and societal impact on their communities, state, and nation... 

We’ve partnered with SavvyMoney, our credit score and education partner, that provides you access to your credit score, full credit report, credit monitoring, and money-saving offers specifically from us, your trusted credit union. Did we mention this is all at no cost to you? This is another exclusive benefit of being a Maine Savings member.

THE REED REPORT - Greetings and Happy Fall! What a wonderful time of year – if only it could last about six months more… 

This quarter, I intend to focus on credit union trends, both nationally and within our great state of Maine. I will touch on items such as the financial condition of your credit union, the economic and interest rate environment, growth, and last but not least, mergers, and my opinion of what’s happening within our own state.

Annual Report - On June 5, 2019, Maine Savings held its annual meeting. At that meeting, I reported on the financial condition of your credit union and the history-making year that was 2018, as well as reviewed the accomplishments so far in 2019 and looked ahead at the remainder of this year. 

Growth Continues to Soar - As I reported in my last letter to our membership, as a result of phenomenal growth, your credit union was ranked the largest in the state by asset size at the end of October last year. Currently, there is a merger underway that will combine two fairly large credit unions in southern Maine. This merged entity will assume the top spot in the next couple of months. I take great pride in knowing that Maine Savings’ growth has been purely organic due to our membership utilizing our products and services to such a high extent.

I'm pleased to report that as of the end of October, 2018, Maine Savings had become the largest credit union in Maine. Our annualized asset growth was well over 20% for 2018. Loan growth also exceeded 20%. These numbers far exceed any other credit union in the state. We take great pride in knowing that our members utilize our services to such a high extent.

As CEO, my job is to make sure I do what is within my power to protect our members' interests and those of their credit union. Bruce Poliquin has a very strong understanding of finance and the needs of community-based financial institutions, specifically credit unions.

This summer, I am celebrating 28 years as your credit union CEO! A short time after I was hired, I realized the need for a better way to deliver top-level mortgage lending services to our members.

2017 was a year filled with progress and accomplishments for Maine Savings. As President/CEO of Maine Savings, it is my pleasure to provide you as a member and owner with the following update: