HISTORY OF BREWER FEDERAL CREDIT UNION....
A credit union is not a bank. It is a cooperative association whose object is to promote thrift among its members and to provide credit facilities for provident and productive purposes. The Credit Union is based on the principle of self-help, of men and women who, by working together, build each other economically. A Credit Union was and still is democratically controlled (one member, one vote), and is volunteer run. Boards and committees serve without salary and Board members are elected by and from the general membership. A credit union is a not-for-profit alternative to the for-profit financial institutions.
The BREWER FEDERAL CREDIT UNION was chartered on April 20, 1960. At the time it was known as the EASTCO Federal Credit Union with the original field of membership of those working for Eastern Fine Paper Mill. The field of membership was expanded to include the residents and persons who work within the city of Brewer, Maine. In April, 1970 the field of membership was expanded again to include residents and persons who live and work in the town of Orrington. In December, 1970, the merger of St. Teresa's Federal Credit Union , which was chartered in September, 1967, was approved and the merger was completed in April 1971.
In October 1983, the field of membership was again expanded to include the towns of Eddington, Holden, Dedham and Clifton. In addition, the Board also approved membership to any relative of a member of the credit union regardless of their residence.
In 1953, Viner Brothers, manufacturers of "Lucerne" leather tops and moccasins was granted charter to establish the Lucerne Federal Credit Union. In 1983, Wolverine bought out Viner Brothers and in 1986, Wolverine closed the plant. In July, 1986, the Lucerne Federal Credit Union merged with Brewer Federal Credit Union.
Today, we welcome members who live, work, worship, and/or attend school in our charter, and look forward to the future of serving our members with great pride and enthusiasm as we move forward.