Question 1

What is Connected Credit Union?

Accepted Answer

Connected Credit Union is a state-chartered community credit union headquartered in Augusta, Maine. With approximately $130 million in assets and nearly 7,750 members, it serves residents and workers in Kennebec, Somerset, Lincoln, and Waldo Counties. Originally founded to serve Maine's educational community, the credit union has expanded to become a broader community-focused financial cooperative that emphasizes building lifelong financial relationships.

Question 2

When was Connected Credit Union founded?

Accepted Answer

Connected Credit Union was originally chartered in 1967 as the Maine Teachers Association Credit Union, established specifically to serve educators throughout Maine. In the mid-1990s, it changed its name to Maine Education Credit Union to better reflect its evolving mission.

The credit union underwent significant transformation in 2005 when it acquired Chestnut Community Credit Union, extending its membership base to include all those living or working in Kennebec and Somerset Counties. In December 2014, the Board of Directors voted to adopt the current name "Connected Credit Union" to better represent its expanded community focus.

In 2020, Connected Credit Union began a partnership with Winslow Community Federal Credit Union, a collaboration that shared common culture and values. This partnership helped the credit union grow its assets to over $120 million and expand its membership base to include residents and workers in Lincoln and Waldo Counties.

Question 3

Where is Connected Credit Union headquartered?

Accepted Answer

Connected Credit Union is headquartered in Augusta, Maine. The credit union maintains its main mailing address at PO Box 1096, Augusta, ME 04330.

Question 4

Where does Connected Credit Union operate?

Accepted Answer

Connected Credit Union operates throughout central Maine with branch locations in Augusta and Winslow. The credit union serves members who live or work in Kennebec, Somerset, Lincoln, and Waldo Counties.

Membership is also available to anyone within Maine's educational system, maintaining the credit union's historical connection to educators and school employees throughout the state.

Question 5

What services does Connected Credit Union offer?

Accepted Answer

Connected Credit Union provides a comprehensive range of financial services including share savings accounts, checking accounts, and certificates of deposit. The credit union offers various lending products such as auto loans, personal loans, home mortgages, and home equity loans.

Members have access to modern digital banking tools including online banking, mobile banking, and mobile deposit capabilities. The credit union also provides credit cards, bill pay services, and financial counseling to help members manage their finances effectively.

Additional services include notary services and safe deposit boxes at branch locations, supporting members' everyday banking needs.

Question 6

What makes Connected Credit Union unique?

Accepted Answer

Connected Credit Union stands out for its strong roots in Maine's educational community while serving broader community needs. The credit union's mission centers on "Building Lifelong Financial Relationships" with the tagline "Get Connected, Stay Connected," emphasizing long-term member relationships.

As a member-owned financial cooperative, Connected Credit Union returns profits to members through competitive rates and lower fees rather than paying outside shareholders. Each member has equal voting rights regardless of account balance, embodying the democratic principles of the credit union movement.

The credit union has successfully navigated multiple strategic partnerships and mergers, growing from serving a niche educator market to becoming a community credit union with over $130 million in assets. Its partnership with Winslow Community Federal Credit Union demonstrates a collaborative approach to growth while maintaining personalized service.

Question 7

What type of financial institution is Connected Credit Union?

Accepted Answer

Connected Credit Union is a state-chartered credit union regulated by the Maine Bureau of Financial Institutions and insured by the National Credit Union Administration (NCUA). Individual accounts are federally insured up to $250,000 through the Share Insurance Fund.

As a not-for-profit financial cooperative, members are owners and shareholders of the institution. Membership is open to anyone who lives or works in Kennebec, Somerset, Lincoln, or Waldo Counties in Maine, as well as employees within Maine's educational system and their immediate family members. This community charter structure allows Connected Credit Union to serve a broad membership base while maintaining its cooperative values and community focus.

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