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Maine State Credit Union2020 Annual Report
Dear Members,I am please to report at the 85th Annual Meeting of Maine StateCredit Union that we remain one of the largest credit unions in Mainewith 531 million in assets.Perseverance During A PandemicDespite a global pandemic that forced the majority of our employee to work remote and for us totemporarily close our lobbies, Maine State Credit Union continued to grow and saw a 4.7% increase innew membership in 2020. We saw significant increase in first time adoption of our digital bankingservices - online, and mobile banking and received over 500 calls a day in our eBranch call center.We thank you for your patience and loyalty as we navigated the COVID world each day.New Lobby at 200 Capitol StreetWhile our lobbies were closed, we were able to expedite the remodel of our flagship location, 200Capitol Street in Augusta. We transformed this branch into a bright, and member focused area thatallows us to provide exceptional member support regardless of the transactions. We moved theteller line closer to the drive-thru, which in normal circumstances allows us to wait on members in amore efficient manner. Our financial services representatives are also able to provide full-service to ourmembers with the ability to conduct any teller transactions needed as part of their account openingprocess, thus saving the members valuable time. Overall, this new space will allow us to continue toevolve to meet the ongoing needs of our members.What’s Ahead in 2021?We will continue to find ways to provide easy access to all the services that we offer. It is our goal tocontinuously improve and expand our offerings to meet all your financial needs. On behalf of everyoneat Maine State Credit Union, thank you for your ongoing membership and commitment. We look forwardto providing you with the highest level of service in 2021.Best Regards,H. Tucker Cole George LaPointePresident and CEO, Maine State Credit UnionChairperson, Board of Directors
Statement of Conditions(figures unaudited)Assets20192020 322,810,994 17,709,2869,007,868760,6691,725,498Other Assets8,740,32918,540,246NCUSIF3,544,5504,168,179 453,958,367 531,168,896 134,987,069 163,009,088Share Drafts (checking) - Non-Interest Bearing35,562,28746,732,286Advantage Checking - Interest 5,86910,071,046IRA Certificates30,297,95132,634,739Share Certificates96,333,611106,834,231Money ,877 395,936,388 468,856,7822,120,6971,521,865 398,057,085 470,378,647 17,000,000 21 55,901,282 60,790,249 453,958,367 531,168,896Loans to Members (net allowance for loan loss)Monetary Exchange & EquivalentsInvestments at Fair Market ValueLand & Building (net of accumlated depreciation)Other Fixed Assets (net of accumulated decreciation)Total AssetsLiabilitiesShares (savings)Cash Back CheckingIRAsTotal DepositsOther LiabilitiesTotal LiabilitiesCapitalRegular ReservesUnrealized Gain (loss) on InvestmentsUndivided EarningsTotal CapitalTotal Liabilities & Capital
Statement of Income & ExpenseIncome20192020 15,455,697 16,283,483Interest from Investments1,844,0081,151,985Other Income3,253,0323,164,113 20,552,737 20,599,581 6,979,027 7,387,149Travel & Conferences272,143162,691Office Occupancy891,607868,312Office Operations2,481,3832,676,552Educational & Promotional456,556565,977Loan Servicing962,264882,1961,061,2331,115,508Operating Fees76,58874,712Annual Meeting22,1375,307Dues & 70956,81951,170 14,450,023 15,145,459 6,102,714 5,454,122Gain (loss) Sale of Inv.143,17199,134Gain (loss) Disposal of Assets21,33047,499Income (loss) Before Dividends 6,267,215 5,600,755Dividends Paid 3,474,332 3,909,277Net Earnings 2,792,883 1,691,478Interest on LoansTotal IncomeExpensesSalaries & BenefitsProfessional & Outside ServicesProvision for Loan LossMiscellaneous Operating ExpensesContributionsTotal ExpensesIncome (loss) from Operations
Social ResponsibilityAt Maine State Credit Union, we believe it is our mission to provide support and helpour community members. We do this through donations, fundraising, and feet-on-theground support. Despite COVID interupting a lot of our in person efforts, we were stillable to provide support to local organizations.Ending Hunger in MaineOur campaign to end hunger in Maine is one of our largest fund raising efforts. We host a walk/runcalled the FeedME 5k, as well as an online auction, and raffles through out the year. In 2020, we raised 91,153. All of these proceeds will be distributed to over 25 hunger organizations. The funds will beused to support meals-on-wheels, back pack program as well as traditional food pantries.Employees at the check reveal for 2020 Ending Hunger Campaign.Employee ChoiceEach month we select an employee at random to make a donation to a charity of their choice. The onlystipulation is that the organization must have a presence in the state of Maine. In 2020, our employeesmade donations to animal shelters and animal groups, hunger organizations, local civic organizations,groups that help children and teens in need, as well as nature conservatories.Employees with their charities that they selected as their employee choice organization.
Board of Directors & Management TeamBoard of DirectorsAs a member of Maine State Credit Union, you own, operate, and controlthe organization through your Board of Directors. You are entitled to electand be elected to the volunteer Board of Directors, which is comprised ofmembers who manage the credit union based on the needs and wishes ofall members.- George Lapointe, Chairperson- Michael Roderigue, Vice-Chairperson- Eric Poirier, Secretary- Roland Maheux, Treasurer- Leonard Cabana, Board Member- Aimee Carlton, Board Member- Gary Crocker, Board Member- Su Leigh, Board Member- Michael Roderigue, Board Member- Liz Ouellette, Board Member- E. James Soucie, Board Member- Tom Cusick, Board MemberSenior Management Team- H. Tucker Cole, President and Chief Executive Officer- Erin Campbell, Senior Vice President and Chief Financial Officer- Deborah Sparrow, Senior Vice President and Chief Lending Officer- Mark Young, Senior Vice President and Chief Operating Officer- Stephen Wallace, Senior Vice President, Retail
Maine State Credit Union is federally insured by NCUA
Credit Union that we remain one of the largest credit unions in Maine with 531 million in assets. Perseverance During A Pandemic Despite a global pandemic that forced the majority of our employee to work remote and for us to temporarily close our lobbies, Maine State Credit Union continued to grow and saw a 4.7% increase in new membership in 2020.
