After a nationwide search, the board of directors of Maine State Credit Union voted unanimously to appoint Maine native and current Executive Vice President Stephen Wallace, of Lincolnville, as its new President and Chief Executive Officer. He will replace current President and CEO Tucker Cole, who is retiring on June 1.

Wallace joined Maine State Credit Union in 2017 as Vice President of Lending. He was promoted to Senior Vice President of Retail in 2020 and rose to Executive Vice President in 2021. Wallace started his financial service career at Fleet Bank and worked at Camden National Bank as Head of Retail Banking, overseeing their branch network. Before joining Maine State Credit Union, Wallace worked as a consultant helping community banks and credit unions develop a customer-centric sales model.

"Steve exemplifies what Maine State Credit Union is," said Board Chair George Lapointe, in a news release. "He lives the credit union mission each day and encourages a culture of learning and development in serving our members. He has a great vision for the future of the credit union and understands the importance of providing digital banking tools, and human interaction is the key to continued growth."

Tucker Cole has devoted most of his career to the credit union movement. He began working in the industry at Evergreen Credit Union and joined Maine State Credit Union in 2016 as President and CEO. Cole also served a term as Chairman of the Maine Credit Union League’s Board of Directors.

During his tenure at Maine State Credit Union, Cole has led the organization's digital transformation, created a commercial business division, and expanded its membership to include Cumberland, Androscoggin, and Sagadahoc counties.

"The employees at Maine State Credit Union are fortunate to have a great person and leader as their new President and CEO of Maine State Credit Union,” said Cole. “Stephen is someone who believes in the importance of great workplace culture. I know I am leaving the credit union in the best possible hands."

About Maine State Credit Union

Maine State Credit Union, founded in 1935, is one of the largest credit unions in the state of Maine with $585,000 in assets.  Its headquarters is in Augusta and serves members who live in Androscoggin, Cumberland, Kennebec, and Sagadahoc counties. Maine State Credit Union is devoted to improving members’ financial lives, not just the bottom line. From the CEO to the tellers in our lobbies, they embrace this mission every day – in person, online and over the phone.