Farmingdale operations center to accommodate Maine State Credit Union growth
Courtesy / Maine State Credit Union
Maine State Credit Union’s Farmingdale operations center will acccommodate branch expansion and digital banking.
Augusta-based Maine State Credit Union has been in expansion mode over the past couple of years.
It opened branches in Gray and Rockland in 2022 and 2023 and plans to open a branch in Belfast in 2025.
Now it’s expanding its back-office operations to a new facility in Farmingdale.
The credit union bought the 9,000-square-foot office building at 347 Maine Ave. from Brennan Development Co. LLC for $840,000, according to the Boulos Co.
The transaction was arranged on behalf of the buyer by Chris Gallagher and Joseph Italiaander of the Boulos Co. and on behalf of the seller by Jamie Brennan of eXp Realty.
The location will serve as the home base for the credit union’s operations and support teams.
"We are growing," said Stephen Wallace, the credit union’s president and CEO. "Most of our employees are in central Maine, and I wanted a state-of-the-art back-office facility close to where they live. This location fits all the requirements; it is in Central Maine and close to our headquarters in Augusta.”
The center will house its eBranch call center, loan servicing and online lending teams. Other departments might move to the location as their groups outgrow their current space in Augusta.
The space will also house a fitness center and have an ATM for members to use.
It’s expected the location will open this spring.
The headquarters for Maine State Credit Union is at 200 Capitol St. in Augusta, which includes a retail branch. Over the past few years, that branch seen an influx of in-person traffic. Plans include expanding the retail presence to occupy the entire first floor of the building.
The added branches has propelled growth in loans, deposits and the need for its eBranch call center, which handles over 300 daily calls.
"As a result of the expansion of our branch network and having a premium digital banking platform, we have seen remarkable growth over the past several years," said Wallace. "
Maine State Credit Union ranks No. 3 among the largest Maine-based credit unions, according to the 2024 Mainebiz Book of Lists, with over $602.9 million in assets, as of Sept. 30, 2023. It has over 130 employees.
Founded in 1935 in Augusta to give members a place to take out a loan, it now has over 35,000 members in Androscoggin, Cumberland, Kennebec, Knox, Lincoln, Somerset, Sagadahoc and Waldo counties.
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