In the late 1920s, after the Great Depression, a small band of state employees gathered 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.
On October 18, 1935, the credit union's first charter was approved. The founding purpose as outlined in the original by-laws 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."
When the credit union first 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 1930s, 437 of 500 potential members had enrolled.
After a difficult period of war, member loss and share and loan balance decreased in 1942, the enactment of the Credit Union Law took place and made it possible to convert from a federal to a state credit union in 1944. The charter was broadened to include all state employees as potential members and our name became Maine State Employees' Credit Union.
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, we became 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 our Greater Waterville branch. At that time, we also expanded our field of membership to include Somerset County.
Today, we continue to embrace our core values as authentic, professional Mainers helping Mainers with a variety of financial products and outstanding, personalized service.