The History of America's Credit Unions
Rooted in a history of humble beginnings, Sebasticook Valley Federal Credit Union has served and prioritized its members and the community for more than 70 years.
History
In 1953, the employees of Northeast Shoe Co. Inc. in Pittsfield, Maine formed a financial co-op, Maine Aire Federal Credit Union, to serve the employees and their immediate family members of the shoe factory and the credit union. Named after a shoe made at Northeast Shoe Co., called the “Maine Aire,” the bylaws state that the credit union was formed “to promote thrift among its members, by affording 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 had a voluntary board of directors, voted in by the members of the credit union.
In 1968, the credit union became community-based and served anyone that lived, worked or worshipped 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 — it was no longer only serving the shoe factory employees and was eager to grow.
In 2023, Sebasticook Valley Federal Credit Union celebrated 70 years of service, proudly serving communities across six counties in the heart of Maine and providing financial resources for more than 11,000 members.
