It was November of 1953 when six people each bought $5 shares in a venture that became Monmouth Federal Credit Union. That very modest start led to a steadily growing community-based institution with branches in its hometown and in Greene.

Margie Gagne, president, said the credit union’s business was originally conducted in the center of town, but for nearly 10 years the main branch has been at 1176 Main St. at the Route 202 intersection. That building is identified by bold letters on the front as the “Walker Building,” and the name recognizes more than 50 years of service to MFCU by Robert Walker, who is still a director.

Gagne, who has been with MFCU for 17 years, said Walker remains involved in the institution’s affairs.

Walker became a member of Monmouth Federal Credit Union in 1954. He was member number 73, and since then he has been a significant part of MFCU’s history. His story was told in the August 2006 issue of Business Focus which reported on a reception honoring Walker for half a century of service. Walker told of the day when a federal examiner called him to ask if he could take over bookkeeping because the lady who had been doing needed to give up the duty. Within the first few months, MFCU had assets of $5,000 and it was open only from 2 to 4 p.m. every Friday. Walker was offered the opportunity of making his employment five days a week and he became managing director.

MFCU moved its place of business among several locations, and it was even in Walker’s home for several years, eventually moving to a Main Street address in 1970.

“When I first started, everything was done by hand,” Walker said, in the news story. “I even calculated the monthly interest on share accounts with a pencil and paper.”

He said his goal was to see MFCU reach a million dollars in assets. That milestone came in 1985 a week before he retired from daily management responsibilities. MFCU assets had climbed to $8 million when his colleagues honored him in 2006. He has continued as a director through the present.

A second branch of MFCU is located at 19A Patten Road, which is just off Route 202 in the center of town. The credit union shares the building with Greene Village Pharmacy.

The credit union’s two locations serve the communities of Monmouth, Wales, Leeds, Litchfield, Greene, and Turner. Both locations have drive-through service and 24-hour ATM access.

MFCU has partnered with Insurance Trust and Equinox Insurances Services which represents a wide variety of insurance markets and specializes in serving Maine credit union members and their families.

Monmouth Federal Credit Union can be reached by phone at 933-2667 in Monmouth or at 946-2463 in Greene, and by email at [email protected].