Maine State Credit Union

After the Great Depression in the late 1920s, a small band of state employees got together 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.

According to the original By-Laws, "The 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." This original purpose has never been altered. The charter was approved on October 18, 1935.

When the credit union began, it took only .25 cents to join and a fully paid share was $5.00. Membership was limited to employees located in the State House building and their immediate families. By the end of the '30s, 437 of 500 potential members had enrolled.

In the 40's, the workload caused the Treasurer's hours to be increased. The year 1942 was declared unsuccessful due to the war, loss of members and share and loan balances. In 1944, the enactment of the Credit Union Law made it possible to convert from a federal to a state credit union. We became Maine State Employees' Credit Union, and our charter was broadened to include all state employees as potential members.

In 2004, we were granted a community charter so that anyone who lives, works, worships, or attends school in Kennebec County is eligible for membership. At the beginning of 2005, Maine State Employees' Credit Union changed its name to Maine State Credit Union to reflect the transition to a community charter.

In 2006, we merged with Greater Waterville Area Federal Credit Union and opened the Greater Waterville branch at 81 Grove Street. At that time, we also expanded our field of membership to include Somerset County.

See http://www.mainestatecu.org/

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