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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.
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:
At Maine Savings we focus on managed growth and don't grow just for growth sake… we need to continuously challenge our staff with career growth opportunities, thereby maintaining a superior workforce and great member service.