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With full-service locations across the great state of Maine, we exist to serve our members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to members in the form of lower loan rates, higher interest on deposits, and lower fees.
With nearly 30,000 members and more than $400,000,000 in assets, Maine Savings is among Maine’s largest credit unions. As a growing, modern financial institution, we are able to offer our members a full range of financial services and personalized solutions - in addition to the peace of mind that comes with knowing deposits are federally insured. Our commitment is always to provide unparalleled service and state-of-the-art banking convenience.
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...
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.
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.
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
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:
