Maine CUs’ First Quarter Stats: Membership Continues To Surge

July 1, 2014

The popularity of credit unions continues to grow in Maine among consumers, as indicated by first quarter statistics recently released by the Maine Credit Union League.  As of March 31, 2014, total membership at Maine credit unions was at 641,355, a gain of nearly 4,000 members since year-end, and a nearly 2% increase over the previous year. 

Total assets at Maine credit unions now stand at $6.3 billion, a healthy increase of 2.6% in the first three months of 2014.  Shares represented the largest increase in the first quarter statistics as total shares increased by 3.3% to $5.4 billion.  Though loan growth was relatively flat in the first quarter, loans at Maine credit unions did increase by more than $9 million, and are now at $4.1 billion, an impressive 7.4% increase over the same period the previous year. 

“Overall, these are very positive figures, especially with membership growth remaining solid in the first three months of this year.  From convenience to value, consumers are turning to Maine credit unions for financial services,” noted League President John Murphy.

There are 61 credit unions in Maine with nearly 200 branches, as well as close to 240 surcharge-free ATM locations and a shared branch network that is nearly three times as large as any single bank in Maine.