February 8, 2008 According to year-end statistics reported to the Maine Credit Union League by its affiliated credit unions, Maine's credit unions demonstrated robust growth in all three key categories (assets, shares and loans) during 2007.
In 2007, assets increased 6.00%, loans were up nearly $121 million or 3.95%, and shares (savings) increased 6.46% for the year. Compared to national figures by the Credit Union National Association (CUNA), asset growth was nearly identical, share growth was close to 2% above the national average, while loan growth was the only area that was below the national average by about 3%. Membership at Maine's credit unions remained steady at just slightly below 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, said that the fact that Maine's credit unions continue to show positive and consistent growth in the financial services industry reinforces the strong position of Maine's credit unions. ?In these tough economic times, Maine consumers are taking advantage of the fact that they can save on financial services thanks to lower fees and better rates on dividends and loans offered by Maine's credit unions. In fact, Maine consumers saved $40 million last year by using a credit union. We are also excited to note that the number of credit union locations in Maine stands at over 200, nearly four times as many as any other financial institution in Maine. In addition to added convenience with the number of credit union locations, our surcharge-free ATM network (SurF) has grown to more than 200 locations across the state, and our shared branch network that enables close to 300,000 credit union members to conduct most financial transactions at almost 80 locations in Maine as well 3,000 nationwide has doubled in just the past year. Using a Maine credit union has never been more convenient.?
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