When Catherina Blais left Monmouth Federal Credit Union in 2005 after serving as its CEO for nine years, she had no idea she would have an unusual, if not rare, homecoming experience nine years later.

Blais first became president/CEO of Monmonth FCU in 1997, when the cooperative had assets of $4.3 million. Blais grew assets to nearly $8 million by 2005 when she left to become president/CEO of Riverview Federal Credit Union in Gardiner, Maine.

At the end of September, she returned to the Monmouth, Maine-based credit union as its president/CEO, replacing Margie Gange who retired.

Since taking the helm again, some of her colleagues pointed out that she may be the first to hold the CEO post twice at the same credit union. She knows it rarely happens for any credit union executive to get the top job twice.

John Murphy, president/CEO of the Maine Credit Union League in Westbrook, Maine, is not aware of this extraordinary executive distinction happening before in the Pine Street State, but he's glad Blais came back to Monmouth.

“She did a great job when she worked for the credit union before and she can continue to move the credit union forward,” he said.

Blais said she is looking forward to working with her staff after gaining some new perspectives while being away from the credit union for several years.

“I learned a lot while I was out,” she said. “Now, I look at things a little differently and I'm more open to change and growth. It's nice to be with a small credit union to have that opportunity.”

After Riverview merged into the $40 million Gardiner Federal Credit Union in June 2008, Blais served as vice president of finances at Gardiner for nearly two years. She then left Gardiner to become a consultant for Robert Half International and Central Maine Medical Center for four years.

What's more, as a part-time gig she co-owned an archery business with her husband and other partners for about three years. She also became a certified archery instructor.

Under the retired President/CEO Margie Gange's tenure, Monmonth Credit Union's assets grew from nearly $8 million in 2005 to its current $17.6 million. The cooperative serves more than 2,600 members and operates two branches including its Monmonth location pictured at left.

Last spring, Blais said she learned the CEO post was open when she got a call from Gange.

“I think the biggest shock to me, having been out of the credit union industry for so long, is the loss of foot traffic in the branches,” Blais said. “I'm shocked at how empty the lobby is, but I hear the same thing is happening everywhere.”

Blais said she plans to grow the cooperative by expanding its online capabilities and attracting young members.

“I'm very happy to be back,” she said. “Coming back to Monmouth was just like coming home.”

Instant Insights /

CEO Returns 'Home' to Her Previous Credit Union

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