From SVFCU’s website (Dec 2023) and newsletter Credit Union News (Feb 2023).
The year was 1953 when a group of hard working employees of Northeast Shoe Company banded together to form the Maine Aire Federal Credit Union. The name of the credit union was taken from the name of a shoe that was manufactured at NE Shoe Co, called the ‘Maine Aire’. The organizers were led by Kenneth Shaw, an employee of the Northeast Shoe Co., and the first treasurer of the credit union. The purpose of the credit union, as stated in the Bylaws was, “to promote thrift among its members, offering them an opportunity for accumulation of their savings, and to create for them a source of credit for provident or productive purposes.” The credit union would have an all voluntary board of directors, voted in by the members of the credit union.
The initial field of membership was the employees and immediate family members of Northeast shoe Co., Inc.,m and the employees and immediate family members of the credit union. The credit union was located right at the factory. Having it on site made it so convenient for the employees who worked long hours and had a difficult time making it to a bank that would typically be open from 9:00 to 3:00 (“banker’s hours). The employees were able to deposit money into their accounts without having to leave the building. Eventually the credit union moved off site to the home of Ken Shaw, but with hours that accommodated the factory workers.
In 1968 the credit union became community-based and began serving anyone that lived, worked or worshiped in the towns of Pittsfield, Detroit, Burnham or Palmyra. To better reflect those that it served, the name of the credit union was changed to Peoples Regional Federal Credit Union in March of 1972. This was an attempt to change people’s perception of who could do business with the credit union—that it was not there just for the shoe factory employees.
In 1974 the towns of Hartland and St. Albans were added to the field of membership and ten years later, in 1984, the field of membership was changed to include the town of Newport. This would prove to be a very important move, as a few years later it was decided that they would open a branch in Newport. And in 1993 the Newport branch opened and has proved to be a very important part of Sebasticook Valley FCU’s success.
In 2001 the field of membership once again expanded to include the towns of Plymouth, Stetson, Etna, and Dixmont. It was around this time that the board and management started thinking about changing the name of the credit union to reflect the area that it served. So, in May of 2002 the name was changed to what it is today, Sebasticook Valley Federal Credit Union.
In November of 2010 the towns of Corinna, Dexter, Exeter, Garland, Cambridge, Harmony and Ripley were added.
In June of 2018 Sebasticook Valley FCU expanded their field of membership to include all of Penobscot, Somerset and Waldo Counties.
In 2021, the field of membership was expanded again to include Franklin, Kennebec, and Piscataquis counties.
From its humble beginnings nearly 70 years ago, today Sebasticook Valley Federal Credit Union proudly serves the communities in 6 counties and provides the financial needs of over 11,000 members.
So much has changed in the last 70 years, but one thing has not—our commitment to those we serve to provide them with a place to save and a source of credit for their home buying, car buying, and so much more. We strive to provide our members with the best possible service. We have extended our hours (early morning and Saturday hours) to accommodate those who work outside the normal 9:00 to 5:00 hours. Technology has changed how many do their banking with us—debit cards, online and mobile banking, online account opening and online load applications, to name but a few products, have become the norm in the banking world today. SVFCU is now community based, not factory based. Our membership now includes anyone who lives, goes to school, or works in six counties in Maine—Franklin, Kennebec, Penobscot, Piscataquis, Somerset and Waldo.
