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B U S I N E S S P RO F I L E S 62 Maine State Credit Union P H O T O C O U R T E S Y O F M A I N E S T A T E C R E D I T U N I O N Helping Mainers reach their financial goals M a i n e S t a t e C r e d i t U n i o n h a s c o m e 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. e 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: "e 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, wor- ship, volunteer or attend school in Knox, Lincoln, Somerset and Waldo counties to become members. e 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 per- cent 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 moni- tors the pulse of the organization. e 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. ey help to ensure that success stories are shared, discussed, and celebrated. is 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. is 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 organi- zational 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. e information cultivated from each meeting is reviewed by the Internal Cultural Committee where trends, challenges and successes can be identified. Maine State Credit Union 200 Capitol St., Augusta, ME Sector: Credit Union Stephen Wallace, President and CEO Founded: 1935 Maine employees: 104 www.MaineStateCU.org " 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 B U S I N E S S P R O F I L E S P O N S O R E D C O N T E N T Maine State Credit Union employees (from left to right) Adam Kavanagh, Milicent Markle, Emma Quirion and Martha Monroe at Fall Fun.

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