August 24, 2007 During the first six months of 2007, assets and shares (savings) at Maine's credit unions exceeded national growth figures, in recently-released statistics reported to the Maine Credit Union League and its affiliated credit unions.
For the period of January-June 2007, mid-year statistics collected for Maine's credit unions revealed that assets increased 5.17% to $4.36 billion, compared to national growth of 4.4% for the same period, while shares (savings) grew an impressive 5.87% and now total more than $3.68 billion, in contrast to national growth of 4.7%. Loans grew by 1.58% for the first six months of the year, slightly below the national average of 2.9%, but still an increase of $50 million from year-end 2006 statistics. Membership at Maine's credit unions stayed consistent at 600,000 members. Nationally, Maine has been ranked as the fifth strongest credit union state for the past six years.
John Murphy, President of the Maine Credit Union League, called the mid-year statistics positive and indicative of the solid position that credit unions maintain in the financial services marketplace. He explained, "Maine's credit unions continue to perform well in the first half of 2007, and remain popular with consumers. Additionally, the value of Maine's credit unions to consumers grew to $40 million last year as a result of lower and fewer fees and better rates on dividends and loans. Access to Maine's credit unions has also grown and there are now more than 200 credit union locations across Maine, as well as a 50% increase in the shared branch network that provides members of participating credit unions an opportunity to conduct most financial transactions at nearly 65 locations in Maine and 2,700 nationwide."
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