Connected Credit Union

What Connected Credit Union does

Connected Credit Union is a federally chartered, member-owned credit union founded in 1967 and headquartered in Augusta, Maine, with a second full-service branch in Winslow. It serves consumers and small borrowers across Kennebec, Somerset, Lincoln, and Waldo Counties, plus Maine Education Association affiliates, offering a full-stack retail banking proposition: deposit products (savings, Free4Me and standard checking, high-yield savings, club accounts, youth savings, share certificates, IRAs, HSAs), a complete lending portfolio (vehicle, recreational, mortgage, home equity, student, personal, and VISA credit), insurance distribution through TruStage, and community programs including an annual scholarship.

The technology layer is delivered through third-party infrastructure rather than in-house build: a CUSolutionsGroup-hosted online and mobile banking platform with mobile check deposit, Mobile Pay support for Apple/Google/Samsung wallets, e-statements, and an integrated free credit score service powered by TransUnion; MeridianLink-powered online loan origination; eZCard for VISA card self-service including lock/unlock; and Sparrow for private student loan marketplace access. Distribution is amplified by Co-op Shared Branching (nearly 170 Maine and 5,000+ U.S. locations) and the SURF ATM network (250+ surcharge-free Maine ATMs), giving a two-branch institution functional reach well beyond its own footprint.

Revenue is generated primarily through net interest spread between loan rates (vehicle, mortgage, home equity, recreational, student, personal, VISA credit) and deposit/share rates, supplemented by account and service fees (overdraft, wire, notary, safe deposit boxes) and partnership economics from TruStage insurance, ScoreCard and uChoose rewards, and interchange. Pricing is anchored to member-friendly terms such as free basic checking, no-minimum Free4Me checking, and a 11.99% variable VISA rate. NCUA insurance up to $250,000 and Gramm-Leach-Bliley Act compliance provide the regulatory backbone of the franchise.

Name

Connected Credit Union

Legal name

Connected Credit Union

Website

https://connectedcreditunion.org

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

11–50 employees

Short description

Connected Credit Union is a federally chartered, member-owned credit union serving consumers in four Maine counties with deposit products, consumer and home lending, digital banking, and insurance distribution through two Augusta/Winslow branches and the Co-op Shared Branching network.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130), Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Retail banking services
• Consumer lending
• Credit union services
• Digital banking
• Deposit products

Headquarters

HQ city

Augusta

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue stream from interest charged on vehicle loans, mortgages, home equity loans, recreational loans, student loans, VISA credit cards, and other personal loans
2. Account and Service Fees: Revenue from various account services including overdraft protection, wire transfers, notary services, safe deposit boxes, and other in-branch services
3. Share Certificate and Savings Products: Interest paid to members on savings accounts, share certificates, IRA accounts, and HSA accounts, with spread between loan interest rates and savings rates generating revenue

Pricing tiers

Distribution channels5 records

Marketing channels6 records

Core offering

Connected Credit Union is a member-owned, federally chartered credit union that provides consumer deposit products, consumer and mortgage lending, VISA credit cards, and digital banking services to individuals in central Maine. Members access accounts through two physical branches in Augusta and Winslow, a 24/7 online and mobile banking platform, and the Co-op Shared Branching network. Supplementary offerings include TruStage insurance products, ScoreCard and uChoose rewards programs, and a member scholarship program.

Product overview

Connected Credit Union offers a comprehensive suite of financial products and services centered around traditional banking, lending, and digital banking capabilities. The core offering consists of deposit products (Savings Account, Checking Account, Free4Me Checking, High Yield Account, Club Accounts, Youth Savings Program, Share Certificates, IRA Accounts, and HSA Accounts) paired with a complete lending portfolio (Vehicle Loans with dealer partnerships, Recreational Loans, Mortgages, Home Equity, Student Loans, Other Loans, and VISA Credit Cards). Digital banking services including Online Banking, Mobile Banking, Mobile Check Deposit, Mobile Pay, Online Bill Pay, E-Statements, and Credit Score monitoring are integrated throughout. Insurance offerings are provided through a partnership with TruStage for auto, home, and life coverage. The institution serves members in Maine through branch locations and shared branching networks, with loans accessible via MeridianLink's online application portal.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Account Primary savings account with competitive interest rates, serving as the foundation of credit union membership that grants ownership in the institution. Requires a minimum opening balance to establish the membership share.
• Checking Account Traditional checking account with no monthly fees, providing members with everyday banking functionality including debit card access and online bill pay.
• Free4Me Checking Fee-free checking account designed for members seeking simple, straightforward banking without maintenance charges or minimum balance requirements.
• High Yield Account Savings account offering elevated interest rates for members who maintain higher balances, providing better returns on deposited funds.
• Club Accounts Savings accounts designed for specific savings goals such as vacation, holiday, or other planned expenses with designated purposes.
• Youth Savings Program Savings accounts for young members with deposit matching incentives and educational resources to help children develop financial literacy habits.
• Share Certificates Term deposit accounts offering guaranteed returns with fixed interest rates for specified periods ranging from months to years.
• IRA Accounts Individual Retirement Accounts including Traditional, Roth, and Coverdell options for tax-advantaged retirement savings.
• HSA Accounts Health Savings Accounts allowing members to save pre-tax dollars for qualified medical expenses with associated debit card access.
• Debit Card with Rewards (uChoose) VISA debit card earning one point per $2 spent through the uChoose Rewards program, with additional bonus points at participating retailers and PayPal checkout point redemption.
• VISA Credit Cards Credit card offering competitive rates (current 11.99% variable) with card lock functionality through digital banking and access to ScoreCard Rewards for fuel discounts and merchandise.
• Vehicle Loans Auto financing serving Kennebec, Somerset, Lincoln, and Waldo Counties with dealer partnership programs and local decision-making at participating dealerships.
• Recreational Loans Loans for recreational vehicles including boats, RVs, ATVs, and other leisure equipment with flexible terms and competitive rates.
• Mortgages Home mortgage loans with online application capability, offering purchase and refinance options for primary residences and second homes.
• Home Equity Home equity lines of credit (HELOC) and loans allowing members to borrow against accumulated home equity for major expenses or debt consolidation.
• Student Loans Private student loans offered through a marketplace partnership (Sparrow), supplementing federal aid for members pursuing higher education at accredited institutions.
• Other Personal Loans Personal loans, debt consolidation loans, and energy efficiency loans for various member needs including home improvements and unexpected expenses.
• Insurance Options (TruStage) Auto, home, and life insurance products offered through TruStage with potential savings designed specifically for credit union members.
• Life and Disability Insurance Credit life and disability insurance products protecting members against death or disability that could prevent loan repayment.
• Scholarship Program Annual scholarship program awarding four $1,000 scholarships to eligible student members pursuing post-secondary education; applications due April 30.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, strategic and minor.

• Co-op Shared BranchingcoreChannel Partner/ Reseller/ DistributorMaine's credit unions partnered through Co-op Shared Branching to offer nearly 170 shared branch locations in Maine and over 5,000 nationwide. Members can access their Connected CU accounts at any participating credit union for deposits, withdrawals, and loan payments with live teller service.
• MeridianLinkcoreTechnology or IntegrationMeridianLink portal powers online loan applications for credit cards, vehicle loans, personal loans, and mortgage applications. Provides secure application processing with identity verification.
• eZCardcoreTechnology or IntegrationeZCard Info site provides credit card management portal allowing cardholders to view transactions, pay bills, and lock/unlock their VISA credit cards for security.
• TruStage InsurancestrategicChannel Partner/ Reseller/ DistributorTruStage insurance products offered through Connected CU including auto insurance, home insurance, and life insurance designed specifically for credit union members with potential savings.
• ScoreCard RewardsstrategicGTM or Marketing PartnerScoreCard Rewards program associated with VISA credit cards allowing members to redeem points for fuel discounts up to $0.50/gallon at participating stations.
• uChoose RewardsstrategicGTM or Marketing PartneruChoose Rewards debit card program earning points on purchases. Members earn 1 point per $2 spent and can earn bonus points at participating retailers. Integration with PayPal allows paying with rewards.
• Local Auto DealershipsstrategicChannel Partner/ Reseller/ DistributorPartnership with local auto dealerships in Kennebec, Somerset, Lincoln, and Waldo Counties allowing members to finance vehicles at the dealership while knowing their loan is with their local credit union.
• Maine Education AssociationcoreStrategic or Co-development PartnerMaine Education Association and its governance affiliates, employees, and members are eligible for credit union membership, creating a strategic partnership with the education community.
• Rescue Charlie's FriendsminorGTM or Marketing PartnerCommunity nonprofit partnership for annual Putting for Pups Golf Tournament supporting animal rescue efforts in the community.
• Maine Children's HomeminorGTM or Marketing PartnerChristmas In July charity drive accepting donations of children's items including coloring books, LEGO sets, STEM kits, and toiletries for the Maine Children's Home program.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Maine State Credit Union: MaineStateCredit Union is a federally insured community credit union serving Maine residents with deposit, lending, and digital banking products. It directly competes with Connected CU for the same member base across its overlapping Maine service area.
• Kennebec Federal Savings and Loan: Kennebec Federal Savings and Loan is a community-oriented depository institution operating in central Maine with deposit and mortgage offerings. It directly competes with Connected CU in the Augusta-Winslow service area for consumer deposits and home loans.
• Norton Healthcare Federal Credit Union: Northern Light Federal Credit Union (serving Maine healthcare and community members) is a small, member-owned cooperative with comparable deposit, lending, and digital banking offerings. It overlaps with Connected CU in Maine's consumer and affinity markets.
• Casco Credit Union: Casco FCU is a Maine-based community credit union offering checking, savings, vehicle, mortgage, and home equity products with shared branching access. It competes head-to-head with Connected CU in central and mid-coast Maine counties for consumer deposit and loan share.
• Dirigo Federal Credit Union: Dirigo FCU is a Maine-based community credit union with branches across central and western Maine, offering a similar full suite of deposit, loan, and digital banking products. It serves overlapping Maine counties and competes for the same consumer and education-affiliated members.

Broad incumbents

• Navy Federal Credit Union: Navy Federal is the largest U.S. credit union with a comprehensive suite of consumer banking, lending, and credit-card products plus a mature digital platform. It is broadly comparable in product scope though it operates at national scale with far greater resources than Connected CU.

Regional players

• Penobscot County Federal Credit Union: Penobscot FCU is a Maine community credit union offering deposit accounts, consumer lending, mortgages, and digital banking. It competes for the same member base across the broader Maine market through Co-op Shared Branching.
• Bangor Federal Credit Union: Bangor FCU operates across eastern and central Maine with a comparable community credit-union model, digital banking platform, and lending products. It competes in adjacent rather than overlapping geographies but pursues the same member profile.
• Atlantic Federal Credit Union: Atlantic FCU is a Maine-based community credit union with branch locations in southern and mid-coast Maine and a similar product mix. It serves overlapping counties and competes for deposit and loan members in the same regional market.
• Coastal Community FCU: Coastal Community FCU is a Pacific Northwest community credit union operating on the cooperative model with shared branching and digital banking. It is comparable in size and product mix though geographically distant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCSTfn8vgtXVKaklsrT4kxFA
• Facebookfacebook.com/connectedcreditunion
• Xx.com/WBrochuConnect
• LinkedInlinkedin.com/company/connected-credit-union

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

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 Connected Credit Union