Maine Savings announces a year of success

BANGOR, ME (May 27, 2015) — Maine Savings, a leading financial institution, reported solid financial performance, as well as major accomplishments and milestones of 2014 at its annual meeting held on May 26 at the Hollywood Casino in Bangor.

The Maine Savings membership–among the largest in Maine–grew to 27,064 members in 2014 and total assets surpassed $300,000,000 for the first time in the credit union’s history. This represents a 2.5% growth of members and a 14.2% increase in assets. Total assets, new checking accounts, and loans were all up substantially.

“2014 was a terrific year for Maine Savings,” said John Reed, President and CEO of Maine Savings. “I want to thank our staff and members for enthusiastically embracing all of the changes and challenges over the past year.”

Significant initiatives for Maine Savings last year include the creation of the new RedWallet Checking accounts, which grew the number of net new checking accounts by 66% compared to the same period the previous year.  September of 2014 also marked the opening of the College Avenue branch in Old Town, Maine, and the partnership with University of Maine Athletics to bring members the Black Bear Debit Card. In just five months, more than 1,000 Black Bear Debit Cards were issued, supporting the University’s Black Bear Fund. Maine Savings also upgraded its consumer credit card to a Platinum rewards platform.

In addition to announcing results, Maine Savings held a retirement celebration for Vice President of Member Services Don Poisson. Poisson has been in the Maine financial services industry since 1969 and joined Maine Savings in 2006 as the Regional Vice President for multiple branches. As part of the celebration, Maine State Senator Andre Cushing presented a special proclamation from the State Senate commending Don on his career.

About Maine Savings:
Maine Savings is a modern financial institution with state-of-the-art technology offering members a full range of financial services, including RedWallet Checking. With more than 27,000 members, 10 branches and nearly 100 employees, Maine Savings is among Maine’s largest credit unions. Maine Savings is committed to providing in-person services paired with modern conveniences. Branches are located in Bangor, Bar Harbor (Jackson Laboratory), Brewer, Corinth, Ellsworth, Hampden, Milo, North Vassalboro and Old Town. Founded in 1961 by employees of the Bangor and Aroostook Railroad Company, Maine Savings continues to serve its membership as a federally insured not-for-profit credit union.

More News