First Six Months Of 2015 Reveal Solid Growth For Maine CUs
October 8, 2015
The ability of Maine's credit unions to cooperate with each other in embracing and introducing new technology, such as remote check deposit, online account opening, online loan applications, and other mobile products, as well as offer a Shared Branch Network that offers nearly three times as many in-state branches as any other financial institution in Maine, helped to produce strong mid-year statistics for Maine's 60 credit union. According to the Maine Credit Union League, assets, loans, and savings all had consistent growth, while membership continued to surge to record highs and now stands at 660,763 members.
For the six-month period ending June 30, 2015, combined assets at Maine's credit unions grew by nearly 3% to $6.62 billion. Additionally, Maine credit unions reinforced their ability and willingness to lend money with loan originations totaling nearly $1 billion during that period. Overall, total outstanding loans grew by $136 million over that time and now total $4.56 billion. Savings increased by 3.2% for the first half of 2015 and now sit at $5.6 billion. Finally, the membership increased nearly 2.5% over the previous year with nearly 10,000 new members joining a credit union in the first six months of 2015.
John Murphy, President of the your League, said the release of the mid-year statistics come "appropriately during National Co-Op Month, which is in October. As the largest co-op in Maine, Maine consumers clearly appreciate the value and structure that financial cooperatives bring. The willingness of Maine credit unions to come together collectively to better serve members has produced significant value to members including the largest surcharge-free ATM Network in Maine, and more than 170 locations in Maine and 5,400 nationwide with the Shared Branch Network. This type of cooperation is virtually unheard of among other financial institutions but is a strength of the credit union system in Maine and elsewhere." Murphy also said cooperation and the structure of credit unions has enabled the latest technology to be affordable and available at most of the state's credit unions to offer including the ability to deposit checks from your phone, access and conduct transactions through multiple delivery channels, personal finance tools, and free checking accounts with no minimum balance. Murphy said that credit unions are also among the leaders in offering new payment systems, such as Apple Pay and Samsung, to their members, as well as implementing EMV Chip Card technology.