Banking

Maine Savings launches two-year succession plan

Maine Savings Federal Credit Union in Hampden, Maine, is activating a succession plan that will see Vanessa Madore, its chief operating officer, succeed longtime CEO John Reed in 2023.

Vanessa Madore, chief operating officer of Maine Savings FCU

A Dec. 4 statement on the credit union’s website said Madore had been promoted to president, while Reed would remain as CEO until his retirement in January 2023. After that, Madore will take on the combined role of president and CEO.

“For Vanessa, it’s an opportunity to build on the mission of the credit union, its focus on staff development, the financial well-being of its members and being an active participant in the local communities within which we all live and work,” Reed said in a statement.

Reed has led the credit union since 1990 and is only the second president and CEO in its history. During his time at the helm, the credit union has grown several subsidiary companies, including CUSO Home Lending and Business Lending Solutions. Maine Savings became the state’s largest credit union at the end of 2018, and today holds assets of $518 million and serves over 31,000 members.

Madore, a Hampden, Maine, native, has spent 16 years at the credit union, having started there as a teller after earning her bachelor’s degree from Smith College and working her way up. In addition to her work with the credit union, she is an advocate for senior citizens, serving on the board of Legal Services for the Elderly and on the Maine Council for Elder Abuse Prevention’s Education and Awareness Committee.

“I am honored to be selected to serve as the third President and CEO of Maine Savings, in its 60-year history. In this role, I plan to focus on our vision, values, employee engagement, products and services, our member service standards and our communities,” she said.

Maine Savings FCU earned nearly $3.7 million during the first three quarters of the year, according to call report data from the National Credit Union Administration, up from almost $2.9 million during the same period last year.



 

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