Maine Education Credit Union

Maine Education Credit Union now serves those who live or work in Kennebec and Somerset counties. We also serve educators throughout the state of Maine. Becoming a member of the credit union is easy, simply open a share/savings account with an initial deposit of $5.00. As a credit union member, you become an owner in a democratically controlled not-for-profit financial cooperative.

As a member/owner you will have the right to vote at our annual meeting, have access to low cost services and even run for a volunteer position on the board. As a member you’ll benefit from higher rates on savings, lower rates on loans and fewer fees, a difference that allows Maine consumers to save $73 million a year just by using a credit union.

The credit union was founded originally to provide an alternative to "for profit" banking for educators who otherwise would not have had access to a financial cooperative. The credit union initially offered only shares and personal loans. The philosophy of the founders was to not compete with other teacher credit unions and, as a consequence, the credit union did not widely market its services and remained relatively small.

That philosophy changed over the years, and the board of directors and management determined that it ought to become a full service financial institution and offer a full menu of financial products and services. This proved to be a wise decision that has opened up many new opportunities for the credit union and its members. Fierce competition and the costs to offer the latest services has lead to consolidations and mergers within our industry, both nationally and close to home.

One such credit union, Chestnut Community, decided to join forces with us and a merger was completed in May of '05. Our membership has now expanded to include Kennebec and Somerset Counties. Assets now exceed $20M and we service nearly 4300 members.

As we look to the future, the credit union continues to expand its' product offerings. We are committed to providing our members with the latest technology and the most convenient access to their accounts.