Maine State Credit Union in Augusta has promoted its executive vice president, Stephen Wallace, to be its next president and CEO.
He will replace H. Tucker Cole, who plans to retire as leader of the $576 million-asset institution on June 1.
Wallace joined Maine State Credit Union in 2017 as vice president of lending and was promoted to senior vice president of retail in 2020. He was appointed EVP last year.
"Steve exemplifies what Maine State Credit Union is," Chairman George Lapointe said in a press 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."
Cole joined Maine State Credit Union in 2016 as president and CEO. During his tenure, Cole led the organization's digital transformation, created a commercial business division and expanded its membership to include Cumberland, Androscoggin and Sagadahoc counties.
A year ago, Maine State Credit Union and Midcoast Federal Credit Union in Freeport, Maine,
"The employees at Maine State Credit Union are fortunate to have a great person and leader as their new president and CEO,” Cole said in the press release. “Stephen is someone who believes in the importance of great workplace culture.”
Wallace started his career at Fleet Bank and worked at Camden National Bank as head of retail banking. Just before joining Maine State Credit Union, he worked as a consultant helping community banks and credit unions develop a customer-centric sales model.
Maine State Credit Union earned $4.6 million in 2021, a 171% increase from a year earlier, according to call report data from the National Credit Union Administration.
