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January 22, 2024

University Credit Union converts to community charter, expands to 11 Maine counties

University Credit Union, which for 57 years has been providing financial services primarily for Maine academic workers, is now expanding membership to most of the state's residents.

Orono-based UCU received approval from the Maine Bureau of Financial Institutions to convert to a community charter, according to a news release. The financial cooperative is now open to all residents and businesses in 11 Maine counties: Androscoggin, Cumberland, Franklin, Hancock, Kennebec, Knox, Oxford, Penobscot, Somerset, Waldo and Washington.

The charter revision does not extend to the counties of Aroostook, Lincoln, Piscataquis, Sagadahoc or York.

UCU will continue to serve employees, students and alumni of the University of Maine System, Maine Maritime Academy, the Landing School and Northeast Technical Institute. as well as members of the Maine Consumer Council, a chapter of the American Consumer Council.

“With the addition of these counties, we welcome more Mainers to experience UCU, and how we engage in a variety of ways to best serve our members and the greater community. To us, that means more than our product and service offerings, it’s how we care for our members each day and support their financial needs,” said Renee Ouellette, president and chief executive officer of University Credit Union.

Credit union CEO
Renee Ouellette is president and CEO of University Credit Union, which currently has more than 28,000 members.

Established on the University of Maine campus in 1967, University Credit Union has branches in Bangor, Farmington, Gorham, Orono, Portland, Presque Isle and Machias. As a not-for-profit financial cooperative, UCU returns its profits back to members.

UCU ranks No. 6 among the largest Maine-based credit unions, with assets of $476.8 million, according to the 2024 Mainebiz Book of Lists. The credit union currently has about 28,800 members.

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