Press
Maine Savings announces annual results, board changes and awards
BANGOR, ME (July 22, 2014) — Maine Savings, a leading financial institution, reported solid financial performance, outlined new projects in the works and announced awards and board changes at its annual meeting held the end of May at the Hilton Garden Inn in Bangor.
The Maine Savings membership—among the largest in Maine—grew to 26,399 in 2013. Total assets increased to $265.4 million as of December 31, 2013, a 4.5% increase over the previous year, moving Maine Savings from fourth to second largest among Maine credit unions in terms of assets. Maine Savings also saw an 11% increase in total outstanding loans to $198.5 million, ranking first among Maine credit unions in loan growth and second in total loan value.
According to President John Reed, “Maintaining the financial integrity of Maine Savings is our priority. We continue to see steady growth of new members and are proud to also have such impressive asset and loan growth. We were pleased with the report from our Supervisory Committee recognizing the sound nature of our operations and the cooperative approach we take with our staff.”
Maine Savings reported significant investments over the last year, which include breaking ground on a new branch in Old Town, developing new products, purchasing property in Southern Maine, and working on a new website. The new branch in Old Town is scheduled to open in August.
Reed further explained, “2013 was a building year, on many levels. Building our new College Avenue Branch in Old Town to better serve the UMaine, Old Town, and Orono communities, developing our new RedWallet checking which was recently launched, and refreshing our website are all projects that continue to build our infrastructure to better serve our members and position Maine Savings for long-term growth. And, we purchased property in South Portland to help facilitate future growth.”
In addition to announcing results, long-time board member Donald Strout was recognized for his years of service and commitment to the organization’s vision for the future. “For over 20 years, Don was a tremendous asset to our organization and champion for our members, our employees and the communities in which we serve. He will be missed,” continued Reed. Strout was elected to the Maine Savings board in March 1991 and also served as Corinth’s town manager for 30 years, retiring after 2009.
Elected at the meeting to replace Strout is Joe Young. Young started at Maine Savings in November 2001 and was the Maine Savings regional vice president and branch manager for the Ellsworth and Jackson Laboratory branches when he retired in July 2011. Since then he has served as a Maine Savings volunteer and member of the Supervisory Committee.
Finally, Linda Elliott, a mortgage loan officer at the Ellsworth branch was awarded the Cecil C. Porter Extraordinary Service Award. Chosen by senior staff, this award is named for a longtime director and is given annually for superior service passion and performance excellence throughout the previous year while providing the highest quality service to Maine Savings members/employees.
“As the financial landscape continues to change, we need to continue to change and grow with it. Our highly trained staff will continue to develop and implement products, new services, and new technologies to continue to better serve our members,” noted Reed.
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 26,000 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.