Membership, deposits stand out in strong start to 2017 for Maine CUs
July 19, 2017
According to first quarter statistics released the Maine Credit Union League, 2017 is off to a solid start for Maine's credit unions, with membership and deposits leading the way. "It was nice to see across the board increases in all measurement categories for Maine's credit unions in the first quarter of 2017. From assets to membership, it was a positive three months," observed Todd Mason, President of the Maine Credit Union League.
In the stats, combined assets showed the strongest growth, increasing by nearly $260 million to end the quarter at $7.54 billion. Outstanding loans grew by more than $60 million in what is traditionally the slowest quarter of the year and now stand at $5.28 billion. During the quarter, Maine CUs took in more than $270 million in new deposits, a 4.5% increase over year-end 2016, and now total $6.49 billion. Finally, membership remains on the rise, too, with Maine CUs adding nearly 3,000 new members in the first quarter of 2017, and statewide membership is now at a new record of 688,812 members.
Mason added, "Overall, the trend continues upward for Maine's credit unions, and we look forward to it continuing throughout the year."