Winthrop Area Federal Credit Union

What Winthrop Area Federal Credit Union does

Winthrop Area Federal Credit Union (WAFCU) is a federally chartered, member-owned not-for-profit cooperative credit union headquartered at 94 Highland Avenue, Winthrop, Maine. It serves individuals and small businesses who live, work, attend school, or worship in seven Maine counties — Androscoggin, Franklin, Kennebec, Lincoln, Sagadahoc, Somerset, and Waldo — through three physical locations (Winthrop headquarters, Wayne, and Augusta) supplemented by shared branching and the SURF ATM network. WAFCU operates with a headcount of 11-50 employees under NCUA regulation and offers deposit insurance on member shares.

WAFCU's product portfolio spans the standard consumer banking set: primary share savings, share draft (checking) accounts with an optional $2 monthly service charge waivable on digital enrollment, share certificates with terms from 6 to 60 months, IRA accounts, club savings accounts, and high-yield deposit products. Its lending book includes consumer loans for vehicles (cars, motorcycles, RVs, boats, ATVs) at rates as low as 4.50% APR, fixed-rate first mortgages with 10- to 30-year terms at 5.50-6.00% APR and no origination fees, variable-rate home equity loans, and Visa credit cards at 11.50% fixed APR. Insurance and protection products (auto/home, life, GAP, debt protection) are offered via the TruStage partnership.

The core technology stack is a vendor-provided digital banking platform with iOS and Android mobile apps supporting mobile deposit capture, text banking, A2A transfers, bill pay, e-statements, and Touch ID login. Online loan applications run through the Loanliner / IMS Integration portal, and the credit union integrates with Quicken, QuickBooks, and Mint via Web Connect. Card management is enabled through eZCardInfo (credit) and CardHub (debit), and ACH loan payments are processed through BACONPAY. Revenue is generated primarily through net interest income on the loan and securities portfolio, supplemented by transaction-based fee income, insurance referral income from TruStage, and interchange from Visa debit and credit card programs.

Name

Winthrop Area Federal Credit Union

Legal name

Winthrop Area Federal Credit Union

Website

https://winthropcreditunion.org

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Winthrop Area Federal Credit Union (WAFCU) is a federally chartered, member-owned credit union headquartered in Winthrop, Maine, offering consumer loans, mortgages, deposit products, and Visa cards to individuals and small businesses across seven rural Maine counties.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Mortgage loans
• Share savings accounts
• Credit union services

Headquarters

HQ city

Winthrop

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income on Loans: Primary revenue source from consumer loans, auto loans, mortgages, home equity loans, and credit cards. Interest rates vary by product type and creditworthiness.
2. Fee Income: Fees from share draft accounts ($2 monthly service charge unless waived), overdraft privileges, wire transfers, and other banking services.
3. Investment Income: Income from investment of member deposits in securities and loans.
4. Insurance Products: TruStage insurance products including accidental death and dismemberment, and auto/home insurance offered through partnership.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels4 records

Core offering

Winthrop Area Federal Credit Union is a not-for-profit, member-owned federal credit union that provides personal banking and lending products to individuals and businesses in seven Maine counties. Core offerings include consumer loans, mortgages, home equity loans, Visa credit and debit cards, share savings, checking (share draft) accounts, share certificates, IRA accounts, and club savings, supported by mobile and online banking channels.

Product overview

Winthrop Area Federal Credit Union offers a comprehensive suite of financial products and services through a combination of core banking products and integrated third-party services. The core offerings include consumer loans (vehicle, motorcycle, RV, boat, ATV), fixed-rate mortgage loans (10-30 year terms), home equity loans, Visa credit and debit cards, share certificates, checking accounts (share drafts), primary share savings, IRA accounts, and club savings accounts (Holiday Club, Vacation Club). Digital banking is delivered through mobile and online banking platforms with features including mobile deposit capture, bill payment, A2A transfers, and Quicken/QuickBooks integration. Insurance and protection products are offered through TruStage partnerships, including auto/home insurance, life insurance, GAP coverage, and debt protection. All products are NCUA insured and targeted to members in Maine counties of Androscoggin, Franklin, Kennebec, Lincoln, Sagadahoc, Somerset, and Waldo.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• $300 Visa Gift Card offered for loan refinancing
• +5 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• TruStage InsuranceminorGTM or Marketing PartnerTruStage insurance products including accidental death and dismemberment insurance and auto/home insurance offered through the credit union's website and services.
• Maine Credit UnionscoreStrategic or Co-development PartnerParticipation in Maine Credit Unions network providing shared branching, SURF ATM network, fraud prevention resources, and the Campaign for Ending Hunger initiative.
• VisacoreTechnology or IntegrationVisa debit and credit card issuance, Verified by Visa security, Visa Purchase Alerts, and eZCardInfo account management platform.
• SURF ATM NetworkcoreTechnology or IntegrationAccess to thousands of SURF ATMs throughout the United States for member convenience.
• Campaign for Ending HungerminorStrategic or Co-development PartnerMaine Credit Unions' statewide initiative to end hunger. Since 1990, Maine credit unions have raised over $9.4M. WAFCU participates as a local credit union partner.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Maine Savings Federal Credit Union: Community-focused federal credit union serving Maine residents and businesses with consumer loans, mortgages, and deposit products. Directly comparable in charter, member-owned model, and core product set to WAFCU.
• Infinity Federal Credit Union: Maine-based federal credit union offering consumer lending, mortgages, and share products to a multi-county field of membership. Comparable to WAFCU in scale, charter, and product breadth.
• Penobscot County Federal Credit Union: Federal credit union headquartered in Maine serving a defined geographic field of membership with traditional deposit and consumer loan products. Closely comparable in charter type and operating model to WAFCU.
• University Credit Union: Maine-based community credit union offering consumer loans, mortgages, and digital banking to members across multiple counties. Comparable to WAFCU in member-owned structure, deposit-taking, and consumer lending focus.
• Five County Credit Union: Maine community credit union serving members across several counties with checking, savings, consumer loans, and mortgages. Directly comparable in geographic model and core product offerings to WAFCU.

Broad incumbents

• Bangor Savings Bank: One of Maine's largest community banks offering consumer and commercial banking, mortgages, and digital services across the state. Overlaps with WAFCU's retail deposit and lending products but at substantially greater scale and geographic breadth.
• Camden National Bank: Maine-headquartered regional bank providing consumer banking, mortgages, and wealth services across New England. Competes for the same deposit and mortgage customers as WAFCU but with a much larger balance sheet and branch network.
• Bath Savings Institution: State-chartered Maine savings institution offering deposit accounts, mortgages, and consumer lending. Comparable product set to WAFCU but operates as a larger, broader savings institution rather than a credit union.

Market position

Strengths4 records

Weaknesses2 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/WinthropAreaFCU
• LinkedInlinkedin.com/company/winthrop-area-federal-credit-union

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Winthrop Area Federal Credit Union