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David Libby is president and CEO of Town & Country Federal Credit Union, one of Maine’s largest credit unions with nearly 40,000 members.
Maine has always been a place where people understand the power of working together.
We are an independent bunch. We take pride in doing things ourselves and making our own way. But some of Maine’s greatest successes have come when we recognize that doing something together can accomplish far more than doing it alone.
That is the spirit of the cooperative movement, and it is one of Maine’s greatest strengths.
October is National Co-op Month, providing an opportunity to recognize the many cooperatives that contribute to the economic and social fabric of our state — and to celebrate the people who make them possible.
Cooperatives are built around a simple idea: people coming together to meet a shared need, with ownership, decision-making and benefits staying close to the people and communities they serve.
You don’t have to look far to see that spirit in Maine.
We have community-owned food cooperatives connecting consumers with local farmers and producers. Our fishing communities have long relied on cooperatives to help independent fishermen gain greater purchasing and marketing power. There are agricultural cooperatives, worker-owned businesses, housing cooperatives and, of course, credit unions. Maine even has resident-owned manufactured housing communities where neighbors collectively own and manage the land beneath their homes.
These organizations operate in very different industries, but they share a common philosophy: We are stronger together.
The economic impact of that philosophy is significant.
When a cooperative buys from a local farmer, producer or business, those dollars can stay within the local economy. When residents own their housing, more control and wealth can remain in the community. When workers have an ownership stake, they have a greater opportunity to participate in the success of the business where they work.
And when people join a credit union, they become members and owners of a financial cooperative whose success is directly connected to their financial well-being and the communities it serves.
That is local economic development at its most fundamental level.
But the impact of cooperatives goes well beyond dollars and cents.
Cooperatives create connection.
A food co-op can be a gathering place for neighbors, a market for local farmers and a way for consumers to support the local economy. A housing cooperative can give residents a stronger voice in their homes and create a deeper sense of community. A credit union can provide financial services while building relationships and reinvesting in the communities its members call home.
At Town & Country, we describe our approach as “Local Helping Local.” For us, that reflects a belief that a financial institution should be more than a place to conduct transactions. We have an opportunity — and a responsibility — to help strengthen the people, businesses and communities that make Maine such a special place to live and work.
That is really what the cooperative movement is about.
It puts people at the center of the equation. It gives people a voice and a stake in the organizations they rely upon. And it creates opportunities to build wealth and strengthen communities from the ground up.
Perhaps most importantly, cooperatives remind us that community is not something that simply happens. It is something we build together.
Maine has a tremendous cooperative tradition, but our greatest opportunity is to continue building upon that tradition. As we confront challenges such as affordable housing, food insecurity, workforce development, and keeping more wealth in Maine communities, cooperation can be part of the solution.
We don’t have to reinvent the idea. We simply have to remember what Mainers have understood for generations. We’re better when we work together.
This National Co-op Month, let’s celebrate the organizations that embody that belief — and the people who continue to prove that when Mainers cooperate, we don’t just build stronger businesses.
We build stronger communities, stronger local economies, and a stronger Maine.