3Q stats show new records for Maine CUs
December 29, 2016
Through the first nine months of 2016, Maine credit unions posted strong growth in all categories including assets, loans, shares and membership. "Not only do more consumers continue to join a Maine credit union but their usage of products and services continues to grow at a healthy pace, as well. It is great to see across-the-board growth at Maine credit unions," remarked John Murphy, President of the Maine Credit Union League, when discussing the recently-released third quarter statistics by the Maine Credit Union League.
In the statistics for Maine's 58 credit unions, assets as of September 30, 2016, increased to $7.2 billion, an increase of 5.7% since year-end; loans climbed to $5.1 billion, representing an increase of nearly $350 million in nine months; shares grew at a 6.2% rate and now stand at $6.1 billion; and membership at Maine credit unions soared by nearly 17,000 members to a new record of 684,049 members statewide.
In the national report, Maine credit unions were praised for performing better than their national peers across many financial indicators. "The future for Maine credit unions looks bright as they continue to accept deposits, make loans and keep asset quality strong.
"Maine credit unions remain a vital part of the economic landscape in Maine providing outstanding value and service to Maine consumers, while offering the latest technology and conveniences," added Murphy.