Mission / History

Mission

Delivering true convenience through extended hours, modern & traditional banking services and trusted solutions. 

History

Who are our Members?
Five County Credit Union was founded by the employees of Bath Iron Works in 1956 and was then known as the "BIW Employees Federal Credit Union".  In 1993, the credit union converted to a state charter, and our name was changed to "BIW Five County Credit Union".  In July 2001, our name was further streamlined to "Five County Credit Union" to more accurately reflect our community field of membership. In 2006, our charter was expanded to allow us to serve three more counties. In June of 2023 our charter was expanded to add four additional counties. Five County Credit Union’s current field of membership includes those who live, work, or worship in the counties of Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo County.

If you live or work in any of the twelve counties we represent, you may become a member of our credit union by establishing a minimum balance Savings Account of $5. As a member, you are entitled to take advantage of all the services offered by Five County Credit Union: checking accounts, savings, IRAs, certificates, club accounts, loans for any worthwhile purpose, and many other services to meet your financial needs.

SAFETY AND SOUNDNESS

All member deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government.

WHAT IS A CREDIT UNION? TRADITION AND PHILOSOPHY

Following the traditional philosophy of credit unions, Five County Credit Union is a non-profit cooperative where members pool their financial assets to provide funds for loans and other financial services available to members only. As non-profit institutions, credit unions are unique in the financial world. Following state and federal regulations, credit unions are owned and operated by their members under the directions of a volunteer Board of Directors elected by the membership. Credit unions exist solely to provide financial services for their members. The universal philosophy of the credit union movement is: "Not for Profit -- Not for Charity -- But for Service." Members are the heart of the credit union and the sole reason the credit union exists. This is the key difference between credit unions and other types of financial institutions. 

EVERYTHING WE DO ... WE DO FOR YOU

As a member/owner of Five County Credit Union you are encouraged to take an active role in the operation and performance of your financial institution. You can do this by attending the annual meeting and volunteering to serve on various committees of the credit union. The annual meeting also conducts elections each year for participation on the Board of Directors (elected for three-year terms). If you have the desire and dedication to make the commitment to serve on the Board of Directors, contact the nominating committee, contact the credit union, or email us for more information.

Board of Directors

  • Merlin H. Suggs Jr., Chairperson

  • Mona Faulter, Vice Chairperson

  • Robert E. Brewer, Jr., Treasurer/Secretary

  • Alvera Bosica, Director

  • Peter Decourcy, Director

  • Bruce Wilson, Director

  • Sam May, Director