HAMPDEN, Maine—Credit unions in Maine and Arizona have announced the launch of new foundations.
In Maine, Maine Savings FCU has launched the Maine Savings Foundation, a philanthropic initiative it said is dedicated to strengthening communities through strategic investment and engagement.
As part of the launch, the foundation said it is introducing its first initiative: the Beyond Banking Grant Program, which will award five $5,000 grants to local organizations making a real impact in the lives of Mainers.
The credit union said the program is designed to support projects in health and wellness, education, culture and arts, and social and civic services.
‘Meaningful Change’
“We believe the most meaningful change happens at the local level — where people are deeply connected and committed to one another’s success,” President and CEO Vanessa Madore said in a statement. “The Maine Savings Foundation reflects our values in action. It’s about more than giving back — it’s about walking alongside our neighbors to build a stronger, more resilient Maine.”
Former President and CEO John Reed, now a foundation board member, added in a statement, “The idea for the foundation came from a simple belief that we could do more than offer great financial services. We could be a true partner in shaping Maine’s future. I’m proud to see that vision come to life and to continue supporting it in this next chapter.”
Arizona Financial CU Debuts Foundation
Separately, in Phoenix, Arizona Financial Credit Union has introduced the Arizona Financial Foundation, a new 501(c)(3) nonprofit it said is dedicated to strengthening communities through financial empowerment, charitable giving and long-term investment.
“Building on the success of Arizona Financial’s Local Causes Visa debit card program, which has awarded over $600,000 in grants to hyper-local nonprofits since its inception in 2020, the foundation will serve as an expanded platform to deepen the credit union’s outreach and philanthropic efforts,” the $3.4 billion Arizona Financial stated.
“The impact we’ve made through our Local Causes and other debit card programs is just the beginning,” President and CEO Amy Hysell said in a statement. “The launch of Arizona Financial Foundation represents our long-term commitment to supporting the communities we serve in an even bigger way.”
Four Key Pillars
The foundation will focus on:
- Financial literacy and education.
- Support for first responders.
- Domestic violence awareness and assistance.
- Community engagement.
Filling Gaps
“This foundation is all about furthering our connection to the nonprofits that fill gaps within the communities we live and work in,” Executive Director Rachel Galvez said in a statement. “Each of our giving pillars reflects not only a community need but a cause that resonates with us personally.”
Donations and More
The credit union said that to increase its ability to fund initiatives, it will seek donations from vendors, members and employees, strengthening its grantmaking capacity.
“However, its efforts go beyond financial contributions. The foundation will foster hands-on community support through volunteerism, networking opportunities and financial education,” Arizona Financial said.
“Our employees are already deeply engaged in the community, which has sparked significant interest from partners and members wanting to contribute,” EVP and Chief Strategy Officer Jason Paprocki added. “Previously, we lacked a formal structure to accept donations. The foundation now provides that mechanism, allowing us to partner more effectively and significantly increase our community impact.”
