August 4, 2009 In the first six months of 2009, statistics indicate that Maine credit unions are more popular than ever for financial services. According to mid-year stats reported to the Maine Credit Union League by the state's 67 credit unions, not only did credit unions experience impressive growth in the first half of this year but during the past twelve months that growth is even more dramatic. For the six-month period ending June 30, 2009, combined assets of Maine's 67 credit unions topped $5 billion for the first time in history increasing 5.95%, while loans grew 1.16%, despite a slowdown in loan demand, and shares/savings climbed 7.75% with members depositing over $307 million in funds in Maine credit unions during the first half of 2009. In addition, membership at Maine credit unions rose by more than a full percentage point, the largest membership growth in several years, and now stands at 608,187 members statewide. Maine credit unions have had a net gain of 6,328 new members since the beginning of the year.
Compared with one year ago, assets at Maine credit unions have increased 7.77%, loans increased 4.00% and shares/savings surged 7.82% since June 2008. Nationally, Maine has been ranked the fifth strongest credit union state for the past seven years.
John Murphy, President of the Maine Credit Union League, called the statistics "validation of the positive impact and leadership role of credit unions during this difficult economic period." He continued, "As we move forward and begin to emerge from this recession, Maine's credit unions are well-positioned as sound financial institutions that will be remembered for developing a number of creative programs to provide valuable assistance to members during a period of great need. Credit unions will be an important participant in the new economy offering consumers a full menu of the latest technology-based products available, the convenience of shared branching, a surcharge-free ATM network, along with a comprehensive offering of consumer, mortgage and small business loans and related services. In an environment when consumers are looking for more value, whether it's shopping for groceries or shopping for financial services, Maine credit unions provide a great value in the form of lower fees and better rates on savings and loan products. A recent study, which found that Maine consumers saved $73 million last year by using a credit union, underscores the value of using a credit union."
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