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Updated: March 4, 2024

University Credit Union will expand into Kennebec County

Courtesy / University Credit Union UCU opened a branch at the University of Maine at Machias campus last October.

Barely a month since a new charter allowed University Credit Union to expand its geographic footprint, the Orono-based financial cooperative is planning to open its first location in Kennebec County this summer.

The full-service branch will be at 67 Sewall St., Augusta, and will include a lobby, drive-up, meeting space and video teller machines, UCU said. Services will include real estate, consumer and member business loan closings, wealth management meetings and financial education programming.

The building was previously a Dunkin’ drive-up, and the credit union will be making renovations to the space over the next several months.

University Credit Union, which for 57 years had been providing financial services primarily for academic personnel, in January received state regulatory approval to expand membership throughout 11 Maine counties.

The Maine Bureau of Financial Institutions gave permission for UCU to convert to a community charter, opening services to all residents and businesses in Androscoggin, Cumberland, Franklin, Hancock, Kennebec, Knox, Oxford, Penobscot, Somerset, Waldo and Washington counties. The charter change did not extend to the counties of Aroostook, Lincoln, Piscataquis, Sagadahoc or York.

UCU had been considering opening a branch in Augusta for some time, said Renee Ouellette, UCU’s president and CEO.

In October, UCU opened a branch in a more traditional market, on the campus of the University of Maine at Machias. There are also branches in Orono, Bangor, Farmington, Gorham, Portland and Presque Isle.

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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