Maine State Credit Union and Midcoast Federal Credit Union Announce Intent to Merge

A Partnership of Strength

Maine State Credit Union (Augusta, ME) and Midcoast Federal Credit Union (Freeport, ME) have announced plans to merge subject to regulatory and member approval. Combined, the entity will steward over $725 million in member assets and serve more than 46,000 members from eight locations in Central and Mid Coast Maine. The organizations expect to finalize the partnership in 2021.

The goal of combining the two credit unions is to enhance member value through innovation, vendor consolidation, and the alignment of its “best of class” products and services. “As we explored this collaboration, we found many synergies in our approach to providing service excellence. We recognize that together, our members will benefit from expanded service locations, improved technology solutions, and highly competitive loan and deposit rates.” said H. Tucker Cole, Maine State President/CEO.

Sharing similar core values and culture, both organizations place a high priority on the well-being of their employees. “We strongly believe that employee satisfaction is essential to member satisfaction. Finding a partner that is genuinely committed to the professional development of its employees was essential in Midcoast’s decision to partner with Maine State. Together, we will continue to cultivate a workplace that values and empowers its employees,” said Joe Gervais, Midcoast President/CEO. Both Credit Unions are perennial recipients of the Best Places to Work in Maine distinction.

The combined Credit Union will build on the strengths of each and expand its services to individuals and businesses located in the Maine counties of Androscoggin, Cumberland, Kennebec, Knox, Lincoln, and Sagadahoc. Additionally, the Credit Union will continue to serve the financial needs of Maine State employees and related associations. Led by Cole as Chief Executive Officer and Gervais as President, the entity will retain the Maine State Credit Union name and headquarters in Augusta, along with its branch locations in Augusta, Bath, Brunswick, Edgecomb, Freeport, Thomaston, and Waterville.

Maine State Credit Union

Founded in 1935 to serve the employees of the State of Maine, the Credit Union's founding purpose still stands unaltered: "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." In 2004, MSCU was granted a community charter to serve all of Kennebec County. In 2006, Maine State merged with Greater Waterville Area Federal Credit Union and opened their Waterville branch. In 2019, the Credit Union expanded again to begin serving the counties of Androscoggin, Cumberland, and Sagadahoc. Today, they continue to embrace their core values as authentic, professional Mainers helping Mainers serving over 31,000 members with over $514 million in assets. For more information please visit www.mainestatecu.org or contact Jennifer Roper at jroper at mainestatecu dot org.

Midcoast Federal Credit Union

Chartered in 1956 by the parishioners of St. Mary’s Church in Bath, Maine, St. Mary’s FCU was formed. In the 1970’s, the charter was expanded to serve the larger community and in 1986, the Credit Union merged with St. Charles FCU in Brunswick to become today’s Midcoast Federal Credit Union. The Credit Union continued to grow and expand its service area which today includes the Maine counties of Sagadahoc, Lincoln, and Knox, and portions of Cumberland and Androscoggin counties. Midcoast consistently delivers on its mission of empowering member and community success through financial education, technology, and service excellence to over 15,300 members with $209 million is assets. For more information please visit our Merger Information page, or contact MergerQuestions at midcoastfcu dot me.