INDUSTRY NEWS
Acadia FCU expands beyond rural roots as new CEO oversees surge in growth.
The Maine institution is pairing a sharp rise in earnings with new branches in more populous communities as it enters a new chapter under fresh leadership.
Acadia Federal Credit Union, long rooted in the small towns of northern Maine, is entering a new phase of expansion marked by strong financial performance and a push into more populous markets under its recently appointed chief executive.
The credit union, based in Fort Kent, reported nearly $400 million in assets at the end of 2025, up from $369 million a year earlier, according to regulatory filings. Membership also grew, reaching 18,163, compared with 17,323 the prior year.
Most striking was the surge in earnings. Acadia reported nearly $18 million in net income in 2025, a sharp increase from $3.6 million in 2024, underscoring a period of accelerating growth as the institution broadens its geographic reach.
That expansion is taking physical form with the opening of two new full-service branches, one in Brewer and another in Presque Isle, bringing the credit union’s total to nine locations. The move represents a significant step into communities beyond its traditional base in Aroostook County.
“Presque Isle and Brewer aren’t just new locations—they’re a continuation of our promise to show up where it matters,” said Joey Cannan, president and chief executive. “We’re not expanding for the sake of growth. We’re expanding because more people deserve the kind of experience Acadia is known for: personal, consistent, and rooted in relationships.”
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Cannan assumed the role in July following the retirement of longtime chief executive David Desjardins. Having joined Acadia as executive vice president in 2021, he brings nearly three decades of experience in banking and mortgage services, including senior leadership roles at Bangor Savings Bank.
His appointment comes at a moment when Acadia is building on a strategic shift that began several years ago. Founded in 1963, the credit union spent much of its history serving rural communities across northern Aroostook County, including towns like Madawaska, Ashland and St. Francis.
That began to change in 2017, when Acadia merged with Eastern Maine Medical Center Federal Credit Union in Bangor, marking its first significant move into a more urban market.
The latest branch openings deepen that transition, extending the credit union’s footprint into Penobscot County while reinforcing its presence in Aroostook County’s commercial centers.
“It’s important to remember where we came from, even as we grow and serve new communities in Bangor, Brewer, and now Presque Isle,” Cannan said.
Even as it expands, Acadia has emphasized continuity with its cooperative roots, positioning its growth as an extension of its longstanding focus on relationship-based banking rather than a departure from it.
With rising earnings, steady membership gains and a widening geographic reach, the credit union is testing whether a model built in rural Maine can scale into broader markets without losing its identity.
