CEO Message: Thank you Members!
By: Joseph R. Gervais, President/CEO
Published: April 7, 2016
joeg at midcoastfcu dot me
This year, we look back and celebrate sixty years of volunteerism, local entrepreneurship and community. Surely in 1956, when a handful of St. Mary’s parishioners in Bath organized to pool their own savings to make loans available to others in their community, they were unaware that their efforts would be the seed of today’s Midcoast FCU. It was a model of simplicity, true to the credit union industry’s longstanding motto of “not for profit, not for charity, but for service.” These were hardworking, compassionate folks seeking to give their neighbors a hand up. Those roots run deep and although today we define our community as stretching from Freeport to Camden, with over 15,000 members, I am proud to say that we have remained true to those original core values.
The financial statistics for the year 2015 are indicative of our continued success. For the first time in the Credit Union’s history, we extended over $100 million in loans to our community members and surpassed $150 million in total assets. We have posted gains in nearly every measurable category, most importantly deposit growth, membership growth and improved usage of our products and services. Coupled with that growth is a strong focus toward safety and soundness. We continue to invest in technology to protect our members’ information from enhanced IT network resources to EMV chip cards and credit monitoring tools. All the while, we have successfully maintained solid earnings and a strong capital position, ensuring that your Credit Union will continue to serve its community for the next sixty years.
What truly drives this success is our people. We continue to invest in their development and position them to be prepared to serve your financial needs. Weekly dedicated training periods have afforded us a specific time window to educate and communicate important messages. With the recent addition of our Member Contact Center, we are now better equipped to be just a phone call or website click away. Being a firm believer that employee satisfaction is essential to member satisfaction, I am pleased to report that your Credit Union was named to the 2015 list of Best Places to Work in Maine.
We now find ourselves ready to enter a new era of growth, expansion and service to our community. With the recent acquisition of property in Freeport, it will afford us with an opportunity to reposition Credit Union resources and directly serve a new market. It will also allow the Credit Union to make improvements to our Bath facilities to better serve those members in our founding community. I would like to thank the many individuals that contributed to our collective success in 2015. To the volunteers and employees that preceded us these past sixty years, I thank you all for your efforts in building such a solid foundation for success. To our current volunteer Board of Directors and Supervisory Committee, I thank you for your guidance, commitment and support. To the Credit Union’s employees, thank you for your dedication and daily efforts in serving our members. And to you, our members, I thank you for entrusting the Credit Union with your financial needs. We will remain steadfast in our mission to empower your success through financial education, technology and service excellence!
Joseph R. Gervais, President/CEO