County’s first credit union started at Loring AFB in late ‘50s

15 years ago
By Joe Bouchard

    I can’t help but look back and reminisce on my years with the Loring Federal Credit Union, now known as The  County Federal Credit Union. As I review an insert that I had prepared about the credit union in the year 1987, for the Aroostook Republican. I looked back at all of the accomplishments and changes that have come about making the credit union the financial institution that it is today.     In April of 1957, I was approached by the Base comptroller about the credit union. May 1, 1958, I became the first treasurer/manager with assets of $213,000. With a part-time employee, I started planning the growth of the credit union. I did all of the cleaning, scrubbing, carpentry work and all of the arrangements for helping the growth of the credit union.
    One of the first things that I did was to borrow $60,000 (this was the maximum that we were able to borrow at this time.). First I went to Northern National, my former employer, they offered me the money at a 6 percent interest rate and I was to transfer my checking account. Next, I went to the Aroostook Trust, where I had to appear before the board of directors. That day I felt really good. I felt at that time that I could have sold a refrigerator to an Eskimo. I was offered a 4 percent loan and they too wanted a checking account. Needless, I choose the Aroostook Trust.
    Back in those days credit unions were small and one of the ways to expand your services was to organize credit unions. I organized six credit unions. As they struggled to meet their needs and responsibilities we would absorb the credit unions, their assets and also their field of membership. This accounts as the The County Federal Credit Union that now serves 21 communities. In 1964, we were Maine’s largest credit union.
    As we continued to grow in assets and membership we opened offices in Caribou and Presque Isle. Our last office was opened in Fort Fairfield.We had also opened a student credit union in
Ashland for students in the four upper grades.
    In 1968, I was elected president of the Maine Credit Union League, I served on the board of directors for 23 years. I chaired many committees and had offered an awards program for the League. The program honored the Outstanding Volunteer, the Alexander Ferguson Award and the Jeanette G. Moring award. All awards were named after outstanding people within the Maine Credit Union movement. That program still exists today.
    In 1972, I was elected to the Credit Union National Board of Directors where I served for two years, chairing the National Consumer Affairs committee. The second year on the national board, I went to the World council meeting in Australia for a period of seven days, where we observed the workings of the Australian credit union movement.
    In 1989, at a board of directors meeting of the County Federal Credit Union, I was given a resolution by the board members expressing their thanks and appreciation for my many years of service with the The County Federal Credit Union and was told that the new credit union building in Caribou would be known as the Joseph Bouchard Jr., Financial Center for my many years of dedicated service. Needless to say, I was overwhelmed.
    The plaque is displayed in the hallway of the County Federal Credit Union. The Credit Union will always know you as a member and not as a number. They are there to serve you in the very best way and will continue to do so.