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2020 Fall Newsletter

THE REED REPORT

As I write this letter, COVID-19 is still very much a part of our lives, continuing to create uncertainty as we move into the latter part of the year. Here at Maine Savings, we’ve been responsive to the needs of our members by continuing to offer full-service at our drive-throughs, even after our lobbies reopened in early July. Members have also been able to conduct all of their business through online and mobile banking, as well as via telephone.

SCAM ALERT

Steer clear of work-at-home scams

by Federal Trade Commission

July 2, 2020

As the Coronavirus continues to spread, you may be looking for ways to make money without ever stepping foot outside your door. Maybe you saw an ad online for a business coaching program you can do from your living room...

2020 Summer Newsletter

Here For You

As I write this letter in early June, the effects of COVID-19 are still with us and I expect they will be for quite some time. It is a difficult time for most, with events being canceled, many businesses remain shut down, and many people are still out of work. On the bright side, some state restrictions have been relaxed and select businesses have been allowed to re-open, albeit at somewhat less than full capacity. Unfortunately, many businesses are still either prohibited from opening, or the restrictions are so onerous that it is currently impractical to open.

2020 Spring Newsletter

The Reed Report

As I write this letter, our state has begun to feel the effects of COVID-19, or the Coronavirus, with events being canceled, businesses temporarily shutting down and employees being out of work. As of now, the numbers of Mainers diagnosed with the virus are low, but we are seeing them rise daily. We’ve all experienced the empty shelves at the grocery store as people prepare for a great deal of time spent at home.

Your Money Is Safe

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

Coronavirus Scams - Federal Trade Commission Resource

March 14, 2020

Scammers are taking advantage of fears surrounding the Coronavirus.

Avoid Coronavirus Scams

Launch of SavvyMoney

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.

2019 Third Quarter Newsletter

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.

2019 Second Quarter Newsletter

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. 

2019 First Quarter Newsletter

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.

2018 Fourth Quarter Newsletter

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.