February 27, 2009 A recent article on the growing popularity of co-ops in Maine featured several of Maine's most successful cooperatives including Maine's credit unions. The article, which ran statewide in the Maine Sunday Telegram, recognized credit unions as the largest co-ops in Maine, and the many values and benefits that co-ops provide to their members.
The article had high praise for the structure and philosophy of cooperatives and noted how consumers are well-served by co-ops, especially in difficult times. It stated, "When economic times get tough, people often turn to cooperatives, including credit unions."
"In difficult economic conditions, consumers are seeking security and the ability to combine resources for savings--whether it is financial or otherwise. This trend has been evident in other economic downturns such as the 1980s and 1990s when consumers turned to credit unions for safety, security, local ownership and control--factors that provided people with a level of comfort," explained John Murphy, President of the Maine Credit Union League.
Nationally, the four largest co-ops are credit unions, agriculture, farm credit and electric. Combined, these four hold more than $1 trillion in assets. In Maine, Maine's credit unions collectively hold more than $4 billion in assets and count 600,000 Maine residents as members.
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