Membership, Loan Growth Spurs Record 2015 For Maine CUs
April 25, 2016
In the past two years, more than 30,000 Maine consumers have joined a Maine credit union, continuing the migration of consumers to credit unions for financial services. This brings total credit union membership in Maine to 667,427. In recently released year-end statistics of Maine's credit unions, 2015 saw strong growth in not only membership but in all other significant categories including a $351 million increase in new loans over the past year.
For the twelve-month period ending December 31, 2015, combined assets at Maine's 60 credit unions increased by more than $400 million to $6.84 billion. By providing reliable, responsible access to credit, which credit unions have continued to provide uninterrupted year after year, members helped to fuel 7.9% loan growth in 2015 with outstanding loans rising to $4.77 billion. Savings at Maine's credit unions grew by nearly $380 million in 2015, an increase of 6.9%, and are collectively at $5.8 billion for the Maine Credit Union System. Finally, total credit union membership in Maine in 2015 rose by 1.9% or more than 16,000 members, which was tied with Idaho for the second highest median membership growth nationwide. Total membership in Maine is now at a new record of 667,427.
After reviewing the year-end statistics for 2015, John Murphy, President of the Maine Credit Union League, remarked, "Maine's credit unions are continuing to grow in popularity and usage with Maine consumers. The reasons for that growth are many including technology, convenience, access and value. The cooperative structure of credit unions is something that more and more Mainers appreciate and recognize as a structure that puts the interests of all members to the forefront. Because credit unions are owned by the people that use credit union services, there is a strong focus on meeting the needs of their members and the communities they serve. As membership has increased so has member usage of credit unions, which reflects the trend that credit unions are more popular than ever."
Murphy also pointed to the significant investment and implementation of new technology by Maine's credit unions through products and services, such as mobile banking and remote check deposit. He noted that, in addition to technology, cooperation among Maine's credit unions have also lead to unmatched convenience and access for members through the state's largest surcharge-free ATM network and a shared branch network that is approaching 175 locations in Maine, which has nearly three times as many branches as any single bank in Maine. "Our message to consumers is 'Use a Credit Union and Own It' and all of the benefits that ownership offers. In 2015, credit union members saved nearly $47 million by using a credit union through lower and fewer fees, better loan rates, and higher rates paid on interest accounts. We are proud to say that Maine's credit unions are the best value in financial services, and pleased that more than half of Maine's population now belongs to a credit union."