Technology growth

Maine State Credit Union builds on tech growth with appointment of new chief operating officer

Augusta-based Maine State Credit Union has selected a 10-year veteran of the credit union industry as chief operating officer and senior vice president.

Adam Kavanagh has worked at Maine State Credit Union for six years, starting as a risk manager and then director of operations. In 2019, he became a certified credit union executive through the Credit Union National Association School of Management.

Courtesy of Maine State Credit Union

Adam Kavanagh

As COO, Kavanagh will oversee information technology and security, risk management, and mobile and online banking platforms.

“Adam is an innovator at heart,” CEO Tucker Cole said in a press release. “He is always thinking of ways to improve the member experience process as well as how we can use technology to make it even easier for our members to do business with us. I am thrilled to see how our digital platforms are transforming under his leadership. »

Kavanagh, a Freeport resident, said, “I look forward to taking on the challenges of this role and building an infrastructure that helps members have a better credit union banking experience.”

The promotion comes several months after a merger between Maine State Credit Union and Midcoast Federal Credit Union was called off by the two organizations.

During the pandemic, one of the biggest challenges facing the credit union industry has been the need for creative approaches to maintaining member relationships. Technology has proven to be essential, as the use of digital banking platforms has increased dramatically once branch lobbies have closed.

In May, Maine State Credit Union reported that digital usage grew 38% in 2020, while membership grew 5%.

To build on this momentum, the organization has realigned several departments, a change it hopes will foster continued growth and prepare the organization to expand into Cumberland, Androscoggin and Sagadahoc counties.