Maine Highlands Federal Credit Union

What Maine Highlands Federal Credit Union does

Maine Highlands Federal Credit Union (MHFCU) is a federally chartered, member-owned cooperative financial institution founded in April 1966 as Dexter Shoe Federal Credit Union and rebranded to its current name on January 1, 2005. Headquartered in Dexter, Maine, it serves consumers, families, youth (ages 3-25), and small businesses across all of Piscataquis, Penobscot, and Somerset counties through six physical branches (Dexter, Guilford, Dover-Foxcroft, Greenville Jct., Brownville, and Canaan), an online and mobile banking platform with iOS and Android apps, the CO-OP Shared Branching network providing access to over 30,000 participating locations nationwide, and the SURF surcharge-free ATM network with more than 260 ATMs across Maine.

The core product set spans deposit accounts (Share Savings, Checking, Money Market, Share Certificates up to 60 months, IRAs, HSAs, Club accounts), Visa Debit and Credit Cards, a comprehensive consumer lending suite (new and used vehicle loans, personal loans, share-secured loans, variable rate lines of credit, recreational vehicle loans), residential mortgages originated through CUSO Mortgage Corp. and CU Promise Home Loans, home equity and land loans, Sallie Mae student loans, and TruStage life and AD&D insurance. Digital services include mobile check deposit (capped at $10,000/day), online bill pay with Pay-a-Person, digital wallets (Apple Pay, Google Pay, Samsung Pay), automated fraud alerts, and a MoneyLine speech-recognition telephone banking channel.

Revenue is generated primarily through interest income on the loan portfolio (vehicle, mortgage, personal, and business loans) and member deposit accounts, supplemented by transaction-based fees on wire transfers ($10 domestic / $30 foreign), Visa credit card fees, CARFAX vehicle history report sales ($15 to members vs. $39.99 retail), loan origination, and interchange. As a not-for-profit cooperative under NCUA oversight, MHFCU returns earnings to members via competitive deposit rates and reduced fees. As of June 2023, total assets exceeded $182 million, up from approximately $18 million when Rhonda Taylor assumed the presidency in 1989; Maria Wooten became President/CEO in June 2023.

Name

Maine Highlands Federal Credit Union

Legal name

Maine Highlands Federal Credit Union

Website

https://mhfcu.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

11–50 employees

Short description

Maine Highlands Federal Credit Union is a member-owned cooperative financial institution serving consumers, youth, and small businesses across Piscataquis, Penobscot, and Somerset counties in Maine through six branches, digital banking, CO-OP shared branching, and a full suite of deposit, lending, mortgage, and insurance products.

Ownership category

akta.pro rank

Product category

Retail Banking (Community Credit Union)

NAICS

Credit Unions (52213)

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 loan products
• Deposit account services
• Digital banking platform
• Small business lending

Headquarters

HQ city

Dexter

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including vehicle loans, mortgages, personal loans, and business loans. Interest rates vary by loan type and term.
2. Dividend/Interest Expense: Pass-through of interest/dividends to member deposit accounts including savings, share certificates, money markets, and IRAs.
3. Credit Card Fees: Fees from Visa credit card program including late payment fees up to $10.00. No annual fee, no foreign transaction fees.
4. Wire Transfer Fees: Fees charged for outgoing wire transfers: $10.00 for domestic and $30.00 for foreign wires.
5. Loan Origination: Income from loan origination and servicing across various loan products including vehicles, real estate, and personal loans.
6. CARFAX Reports: Discounted CARFAX vehicle history reports available to members for $15.00 (compared to $39.99 retail).

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Maine Highlands Federal Credit Union is a member-owned cooperative financial institution that provides full-service retail banking to consumers and small businesses across Piscataquis, Penobscot, and Somerset counties in Maine. Core offerings include deposit accounts (share savings, checking, money market, share certificates, IRAs, HSAs), consumer and business loans (vehicle, personal, mortgage, home equity, line of credit, student, and business), Visa debit and credit cards, digital and telephone banking, wire transfers, and member insurance products (TruStage life and AD&D, GAP, vehicle service contracts). Member deposits are federally insured by NCUA to $250,000 and additionally insured by Excess Share Insurance Corporation to a further $250,000.

Product overview

Maine Highlands Federal Credit Union is a full-service financial institution offering a comprehensive suite of banking products and services for consumers and businesses across Piscataquis, Penobscot, and Somerset Counties in Maine. The credit union's product portfolio centers on core deposit products (Share/Savings Accounts, Checking Accounts, Money Market Accounts, and Share Certificates), retirement and health savings vehicles (IRAs and HSAs), Visa Debit and Credit Cards, and digital banking services including Mobile Check Deposit, Bill Pay, Digital Wallets (Apple Pay, Google Pay, Samsung Pay), and Automated Fraud Alerts. The lending suite encompasses consumer loans for vehicles, motorcycles, ATVs, snowmobiles, campers, boats, and personal needs, real estate mortgages through CUSO Home Lending and CU Promise, home equity and land loans, student loans via Sallie Mae, and business loans. Insurance products include TruStage life and AD&D insurance, GAP coverage, and vehicle service contracts. The credit union also provides specialized services such as CO-OP Shared Branching, IDCheck identity verification, wire transfers, MoneyLine telephone banking, and shared branching access at six branch locations (Dexter, Guilford, Dover-Foxcroft, Greenville Jct., Brownville, and Canaan).

Differentiator

Problem solved

Functional benefit

Products and services

• Share (Savings) Accounts Basic dividend-bearing savings accounts for individual members, $5.00 minimum to open and $50 minimum balance to earn the published APY.
• Share Draft (Checking) Accounts Personal checking accounts offering unlimited check writing, overdraft protection options, and low monthly maintenance fees.
• Youth & Young Adult Accounts Three age-tiered accounts: Monty Moose Youth Savers (ages 3-13) with monthly prize drawings; Greenbucks (ages 14-17) savings and checking with debit card; and Free4ME Checking (ages 18-25) with no monthly fee, free Visa debit card, free SURF ATM use, free digital banking, and two overdraft fee reversals per year.
• Club Accounts Targeted goal-savings accounts including Christmas Clubs, Vacation Clubs, Critter Clubs, Household Clubs, and All-Purpose Clubs.
• Money Market Accounts Higher-dividend savings for balances starting at $2,500, with no monthly maintenance fees and up to six combined checks and electronic transfers per month.
• Share Certificates Term deposit accounts with fixed dividend rates for 3- to 60-month terms, $500 minimum deposit, and monthly dividend payments; early withdrawal penalty may apply.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings including Traditional IRA, Roth IRA, Coverdell Education Savings Accounts, and IRA Certificates at 3- to 48-month terms.
• Health Savings Accounts (HSAs) Tax-advantaged accounts for qualified medical expenses, with tax-deductible contributions, tax-free earnings, and tax-free qualified distributions.
• Business Savings Accounts Business savings accounts with $5.00 minimum balance for business financial management.
• Business Checking Accounts Standard Checking ($2/month maintenance fee, no minimum balance) and Electronic Draft Account (no monthly fee, no minimum balance) options for businesses.
• VISA Debit Cards Chip-enabled Visa debit cards for ATM access and point-of-sale purchases, with free SURF ATM use and Automated Fraud Alert protection.
• VISA Credit Cards Credit card with 13.90% APR on purchases, balance transfers, and cash advances; 25-day grace period on purchases; no annual fee, no foreign transaction fee, late fee up to $10, optional credit life and disability insurance, and Automated Fraud Alerts.
• Vehicle & Recreational Vehicle Loans Financing for new and used vehicles, motorcycles, ATVs, snowmobiles, lawn tractors, trailers, snow plows, campers, boats, and tractors, with rates starting at 4.79% APR and terms up to 120 months for qualified borrowers.
• Personal Loans Unsecured personal loans at 12.99% APR for terms up to 60 months for various personal financial needs.
• Variable Rate Lines of Credit Flexible credit lines priced at Prime plus 9% (unsecured) or Prime plus 6% (collateral secured), with annual rate adjustments and a 16% maximum APR cap.
• Real Estate Mortgage Loans Residential mortgages, home equity loans, land loans, mobile home with land loans, and construction equity loans delivered through CUSO Home Lending and CU Promise with a same-day loan decision guarantee, guaranteed closing date, and local servicing.
• Business Loans Business financing including term loans for autos and equipment, commercial real estate secured loans, and business lines of credit.
• Student Loans Private undergraduate and graduate student loans offered in partnership with Sallie Mae, including the Smart Option Student Loan, with no origination fees and multiple repayment options.
• TruStage Life and AD&D Insurance Term life insurance ($25,000-$100,000, no medical exam, guaranteed to age 80), whole life insurance, and accidental death and dismemberment insurance (up to $300,000) underwritten by CMFG Life Insurance Company.
• Credit Insurance Products Optional credit life and disability insurance on consumer loans, Guaranteed Asset Protection (GAP) coverage from Frost Financial Services paying the difference between primary insurer settlement and loan balance, and Auto Exam vehicle service contracts for mechanical breakdown protection.
• Digital Banking Platform Online and mobile banking for account access, balance viewing, internal and external transfers, bill pay, mobile check deposit, and Visa credit card self-service through EZ Card Info, with mobile apps on iOS and Android.
• Mobile Check Deposit Mobile app feature that lets members deposit endorsed checks by photographing the front and back, with a daily deposit limit of $10,000.
• Bill Pay Online and mobile bill payment service enabling members to pay bills in one place, track payment history, schedule recurring or future payments, and send money to other individuals via Pay-a-Person.
• Digital Wallets (Apple Pay, Google Pay, Samsung Pay) Tokenized mobile payment integration enabling secure in-store, in-app, and web purchases with MHFCU Visa debit and credit cards via Apple Pay, Google Pay, and Samsung Pay.
• Automated Fraud Alerts Real-time fraud detection service providing automated phone calls, SMS text messages, and emails to verify suspicious transactions on debit and credit cards.
• MoneyLine Telephone Banking Automated telephone banking service with speech recognition enabling members to access account information and perform transactions by phone via local and toll-free numbers.
• CO-OP Shared Branching Enables Maine Highlands FCU members to conduct in-person transactions at participating credit union branches nationwide via the CO-OP network, with CO-OP IDCheck identity verification required for out-of-state ID holders starting May 1, 2025.
• Wire Transfers Domestic wire transfers for $10.00 and foreign wire transfers for $30.00, with a 3:00 PM domestic cutoff and 2:00 PM foreign cutoff.
• Summer Fun Loan Seasonal promotional loan offering for summer activities and expenses.
• Credit Builder Loan Loan product designed to help members establish or improve their credit score through structured repayment.

Quantifiable outcome

• Over $33,000 raised for Ending Hunger in 2025
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration19 records

Feature5 records

Partnerships

15 partnerships are on record, tiered core, standard and key community.

• CO-OP Credit Union Shared BranchingcoreTechnology or Integration · 1 January 2016CO-OP Shared Branching allows Maine Highlands FCU members to conduct transactions at participating credit union branches nationwide, expanding service access beyond the six local branch locations. Starting May 1, 2025, IDCheck identity verification is required for Shared Branching withdrawals by those presenting out-of-state IDs.
• TruStage InsurancecoreChannel Partner/ Reseller/ DistributorTruStage offers term life insurance ($25,000-$100,000), whole life insurance, and accidental death & dismemberment insurance (up to $300,000) to Maine Highlands FCU members at group rates. Insurance underwritten by CMFG Life Insurance Company. No medical exam required for term life.
• CUSO Mortgage Corp.coreChannel Partner/ Reseller/ DistributorCUSO Mortgage Corp. is a licensed mortgage company owned by Maine Credit Unions, fourth largest multi-owned mortgage lending credit union service organization in the country. Provides full menu of residential mortgage products including first-time homebuyer programs.
• CU Promise Home LoanscoreChannel Partner/ Reseller/ DistributorCU Promise offers home loans with guaranteed same-day loan decision, guaranteed closing date, and guaranteed local servicing. Part of CUSO Mortgage Corp. network.
• Sallie MaestandardChannel Partner/ Reseller/ DistributorStudent loans in partnership with Sallie Mae for undergraduate and graduate students. Competitive rates, multiple repayment options, no origination fees. Smart Option Student Loan for undergraduates and specialized graduate loan products.
• J.D. Power WindowLinkstandardTechnology or IntegrationJ.D. Power vehicle valuation tool available to members for checking pricing on automobiles, ATVs, motorcycles, boats, and recreational vehicles.
• CARFAXstandardTechnology or IntegrationCARFAX vehicle history reports available to members at discounted rate of $15.00 (retail $39.99). Free for loan customers upon vehicle approval. Database covers 17+ billion records from 100,000+ sources.
• Frost Financial ServicesstandardChannel Partner/ Reseller/ DistributorFrost Financial Services provides Guaranteed Asset Protection (GAP) coverage that pays the difference between primary insurer's settlement and loan balance on vehicle purchases.
• Auto ExamstandardChannel Partner/ Reseller/ DistributorAuto Exam provides vehicle service contracts offering protection against unexpected vehicle repair costs.
• Heart of Maine Resource Centerkey communityOthersNonprofit founded in 2020 providing community resources in greater Dexter area. MHFCU donated $25,000 in 2025 to help complete building renovations for food distribution programs. Served nearly 4,000 individuals in 37 towns in 2024.
• Pine Tree Hospicekey communityOthersMHFCU is major sponsor of Pine Tree Hospice Annual Charity Golf Tournament. Pine Tree Hospice provides free non-medical care and comfort services to Piscataquis County residents since founding 40 years ago.
• Maine Credit Union LeaguecoreOthersState trade association for Maine credit unions. Provides resources, advocacy, and coordinates Campaign for Ending Hunger (raised $14.9M+ since 1990).
• Sebasticook Chamber of CommercestandardGTM or Marketing PartnerServes businesses in Central Maine region.
• Piscataquis Chamber of CommercestandardGTM or Marketing PartnerServes businesses in Piscataquis Valley region where main service area is located.
• Moosehead Lake Region Chamber of CommercestandardGTM or Marketing PartnerServes businesses in Moosehead Lake region, part of expanded service area.

Scale indicators9 records

Recent moves16 records

Expansion highlights5 records

Broad incumbents

• Bangor Savings Bank: Larger Maine-based community bank with statewide branch network and broader commercial banking capabilities. Competes for the same consumer and small-business relationships across MHFCU's service counties.
• Camden National Bank: Maine-headquartered publicly traded community bank offering full-service consumer, mortgage, and business banking. Significantly larger scale, but directly competes for retail and small-business deposits and loans in Maine.

Direct peers

• University Credit Union: Maine-based community credit union serving the Orono/Bangor region and surrounding counties with consumer banking, lending, and digital services. Comparable member-owned cooperative with overlapping Penobscot County footprint.
• Penobscot County Federal Credit Union: Penobscot County-based Maine federal credit union offering deposit and consumer lending products to a similar member base in central Maine. Direct overlap with MHFCU's geographic and demographic focus.
• TruChoice Federal Credit Union: Maine-headquartered community credit union offering deposit, lending, and digital services across select Maine geographies. Similar community-charter structure with comparable consumer and small-business product mix.
• Atlantic Federal Credit Union: Mid-sized Maine community credit union offering similar consumer deposit, lending, and digital banking services across central/eastern Maine. Comparable in scale, member-owned cooperative model, and NCUA-insured product suite.
• Maine State Credit Union: Maine-based community credit union providing retail deposit accounts, consumer loans, mortgages, and digital banking to members across multiple Maine counties. Closely comparable business model, product set, and community-focused GTM.

Regional players

• Gorham Savings Bank: Maine mutual savings bank offering consumer and business banking across southern and central Maine. Comparable independent/community-charter institution with similar loan and deposit products.
• Norway Savings Bank: Maine community bank offering deposit, lending, mortgage, and digital banking services across western and central Maine. Comparable community-charter model with similar product suite and target segments.
• Kennebunk Savings Bank: Maine community bank with similar asset size, multi-branch footprint, and consumer/small-business banking orientation. Comparable community-focused mutual/independent institution serving rural Maine.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Maine Highlands Federal Credit Union