They were led by Kenneth Shaw, an employee of Northeast Shoe Co., and the first treasurer of this credit union.

The purpose of the credit union, as stated in the Bylaws was, “To promote thrift among its members, by affording them an opportunity for accumulation their savings; and to create for them a source of credit for provident or productive purposes.”

The initial field of membership was the employees and immediate family members of Northeast Shoe Co. Inc., and the employees and immediate family members of the credit union.

The credit union was located right at the factory. Having it on sight 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 just 9:00-3:00 (‘banker’s hours’). The employees were able to deposit money into their accounts, cash their checks and apply for loans without leaving the building. Eventually the credit union was moved offsite to the home of Ken Shaw, but with hours that accommodated the factory workers.

So much has changed in the last 70 years, but one thing has not—our commitment to those that 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 hours (early morning and Saturday hours) to accommodate those that work outside the normal 9:00—5:00 hours. Technology has changed how many do their banking with us—debit cards, online and mobile banking, online account opening and online loan 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 that lives, works, goes to school or worships in 5 counties in Maine—Franklin, Kennebec, Penobscot, Piscataquis, Somerset and Waldo.

Please join us on Thursday October 26, 2023 at our Newport branch, and Friday October 27, 2023 at our Pittsfield branch to help us celebrate 70 years of serving members in the Central Maine area. We will have food, giveaways and prizes—grand prize will be a $500 Visa Gift Card!

Reasons to Celebrate CU Membership

As a member of Sebasticook Valley FCU, you’ve already made the “smarter choice” by joining a credit union! “Asmarterchoice.org” is a resource hub for credit union information and provides an easy way to search for credit unions, read the latest credit union news, view member testimonials and more!

Here are some of the member benefits the site has to share:

  • On average, credit unions have better rates and lower fees.
  • Credit unions earn higher customer satisfaction ratings.
  • As non-profits, CUs have lower costs and pass the savings along to members.
  • Every member is an owner. There’s no question whose interests will be served.
  • Credit unions give back to their communities with financial education and counseling services.

Visit http://www.asmarterchoice.org/ today and find out more about why being a member of Sebasticook Valley FCU is a truly smart choice!