Newly Chartered Credit Union to Open in the Fall
Maine Harvest Federal Credit Union will serve the state’s growing organic farm industry.
Perhaps it is by coincidence that the industry’s newest cooperative, Maine Harvest Federal Credit Union, will officially open for business to serve farmers this fall during the traditional agricultural harvest season.
The NCUA said last week that it granted Maine Harvest FCU a federal charter and share insurance fund coverage on Aug. 14. Headquartered in Unity the new credit union will serve the employees and approximately 13,000 members of the Maine Organic Farmers and Gardeners Association and the Maine Farmland Trust.
Maine Harvest FCU will provide affordable member business loans to small farms or family-owned farms and other food producers within its field of membership. In addition to agricultural real estate loans and agricultural-related equipment loans, the credit union plans to offer home and mobile banking services, debit ATM cards, and other traditional financial products.
“How appropriate that this credit union is located in a town named Unity,” NCUA Chairman Rodney E. Hood said in a prepared statement. “Credit unions are organized through, and operate on, the principle of people working together to support one another. I want to thank the organizers of Maine Harvest for their hard work to bring their dream to reality and congratulate them on their charter.”
Although the number of farms in the Pine Tree State declined from 8,173 in 2012 to 7,600 in 2017, according to the USDA 2017 Census of Agriculture, the number of small farms — one to nine acres —- increased from 1,239 to 1,427 in the same years, while the largest farms, 2000 or more acres, jumped from 55 in 2012 to 70 in 2017.
The Maine Farmland Trust also pointed out that the census reported some “very positive trends” in both local food production and organic operations.
For example, the value of food sold directly to consumers increased from $24.7 million in 2012 to $37.8 million in 2017. What’s more, $74.5 million in food was sold locally via retail markets, institutions and local food hubs in 2017. Total organic product sales also increased substantially by almost 65% from $36.4 million in 2012 to $60 million in 2017.
The growing consumer demands for locally produced organic foods is helping drive the growth of small farms in the state, the Maine Harvest FCU organizers pointed out in a 2017 CU Times article.