A New Credit Union Harvest Begins in Maine

Anna Eleanor Roosevelt, the granddaughter of Franklin Delano Roosevelt, made the first deposit at the Maine Harvest Federal Credit Union during a ribbon-cutting ceremony Tuesday marking the official opening of the nation’s newest cooperative that will exclusively serve small farmers.

Roosevelt was one of the organizers for Maine Harvest FCU. President Franklin Delano Roosevelt signed the Federal Credit Union Act into law in 1934, which led to the industry’s expansion for decades.

In addition to Roosevelt, other organizers, representatives of the Maine Credit Union League, the state’s Congressional delegation and Maine Gov. Janet Mills attended the ribbon-cutting event at the credit union’s branch in Unity.

“The days when the local farmer knew their local banker are over but we plan to change that,” Scott Budde said, one of the credit union’s founders. “Maine Harvest will be able to meet farmers’ needs because we intimately understand the nuances of agricultural lending.”

Maine Harvest will create four new jobs and will soon serve more than 100 small farmers and food producers. The credit union expects to make more than $12 million in loans within the next six years.

Budde and Sam May, who both worked in the financial services and investment industries,  raised $2.4 million in philanthropic capital and drafted a 1,000 page application over the last six years that successfully secured a federal charter granted by the NCUA in August.

“It is an exciting time for the credit union movement here in Maine,” Todd Mason, president/CEO of the Maine Credit Union League, said. “Our state has deep agricultural roots and I am pleased we can serve as the home to the nation’s first credit union dedicated to food producers and farmers.”

In addition to Maine Harvest FCU, the NCUA granted a charter in May to Otoe-Missouria Federal Credit Union in Red Rock, Okla., which is serving members and employees of the Otoe-Missouria Tribe as well as tribal-owned businesses.