CEO and Chairman's Report

To Our Valued Members,

Maine Savings proudly serves our members, throughout this beautiful state we call Home and wherever life takes our members. We go “Beyond Banking” to meet our members on their financial journeys and to support them in reaching their goals. We strive to provide the best products to our members, while delivering exceptional and compassionate service, ensuring that we understand the unique needs of everyone. We have three principles that guide our actions, decisions, investments, and commitments: our members, our employees and our communities.

Our employees are essential to our business, and we are blessed to have over 160 employees who serve our members and communities with compassion and commitment. Everyone brings their unique skills, talents and personalities to create a meaningful experience with every member interaction. Our goal is to meet you, our members, where you are in your journey of life and embrace your story, ensuring a personal and lasting relationship exists between us. Our new mission is strong and focused on you: We go beyond banking inspiring all to achieve financial wellbeing. Our new values focus on service excellence, building trusting relationships and being community focused. Maine Savings values are Excellence: exceed expectations; Trust: act with integrity; Community: serve and impact through shared experiences. We are an ambitious credit union that serves with passion and knowledge, always focused on our members, our employees and our communities. We have so much to offer everyone and that has resulted in the creation of our Vision: Leading Maine. Serving Maine. The best choice for Maine.

We are fortunate to serve our members, and the credit union leadership is responsible for ensuring we have safe, modern, and updated branches to serve our members. Starting in 2024 renovations began at many branch locations and will continue throughout 2025 and beyond. Investments in technology, equipment, new teller lines, new and updated signage, new entrances, ATMs, paint, branding and paving were among the many areas of focus. Brand consistency was and continues to be a focus with the introduction of our signature blue color and topographical design with the red compass and Maine Savings lettering for our new bold brand walls in each location. Our annual report showcases many other brand elements that include font, color and texture. We embraced a beautiful new tagline “Beyond Banking,” along with other signature phrases like: “Finding Your Path.”

We proudly serve the communities we call home, whether we live, work, play, or volunteer, and each branch and their members are at the heart of how we live our commitment to “People Helping People.” We believe in showing up and participating in community activities, events, and being a partner to the communities we serve. Two of the most important words in business are community and engagement. Here are many of the nonprofit organizations we supported in 2024:

  • Bangor Region Y
  • Champion the Cure Challenge
  • Good Shepherd Food Bank
  • Christine B Foundation
  • Children’s Miracle Network
  • Eastern Area Agency on Aging
  • Hampden Neighborhood Food Cupboard
  • KidsPeace
  • Partners for Peace
  • Bangor Humane Society
  • Legal Services for Maine Elders
  • Literacy Volunteers of Bangor
  • Penquis CAP
  • Habitat for Humanity
  • Special Olympics
  • UCP Pumpkin Patch
  • Walk to End Alzheimer’s
  • Hike for the Homeless

There are three success stories worth sharing. Firstly, we raised over $61,423 for the Ending Hunger Campaign in 2024, which was given back to more than 17 nonprofit organizations in our communities whose mission is to address and reduce food insecurity. Secondly, we succeeded in raising over $10,000 for the United Way Campaign Challenge for the second time. This is a direct result of our employees giving their financial support to help Mainers across the state. Thirdly, our employees volunteered over 600 hours to help nonprofit organizations in our communities.

The exceptional notation is the Hampden Neighborhood Food Cupboard, which is on the church property that Maine Savings now owns. Their space underwent major renovation, while remaining open, ensuring access to the local families who rely on this resource weekly. The renovation resulted in new HVAC, sprinklers, windows, flooring, new kitchen, walk-in-cooler, shelving, bathroom, office and generally revitalized the space ensuring its viability for at least the next 25-30 years. This effort reflects how Maine Savings goes Beyond Banking.

Financial stability and growth are vital for our continued success, and we proudly maintained our place as the second largest credit union in Maine at yearend 2024. Our loyal and committed members ensure that we keep thriving and this is showcased in our 2024 financials. Asset growth exceeded $57 million, and we ended the year at over $792 million in assets. Our member loans grew over $65 million, ending our year with over $636 million, achieving a historic milestone. Giving back to our members with competitive share certificate rates we successfully grew our member shares by over $56 million, ending the year with shares in excess of $661 million. Financial security is essential for sustainability, and we proudly report strong net income and capital in 2024. Net income was over $3.9 million, and capital was over $61.5 million. Maine Savings continues to thrive and is safe, sound, and secure!

In conclusion, Maine Savings is successful because of each of you, our members, our employees and our community partners. We are here because of our dedicated and compassionate employees, our loyal and supportive members, our committed and engaging volunteer officials: Board of Directors and Supervisory Committee members. It is an honor and privilege to serve you all.

With Abundant Gratitude, Vanessa Madore, CEO & President Don Grant, Chairman

Supervisory Committee Report

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