In Mid-Year Statistics, Maine’s credit unions surpass significant milestones in Assets, Savings and Membership
October 11, 2016
According to recently-released mid-year statistics of Maine credit unions, the first six months of 2016 was marked by the achievement of significant milestones including total membership reaching a new record of nearly 680,000 members.
For the six-month period covering January 1 – June 30, 2016, combined assets at Maine’s 58 credit unions surpassed the $7 billion mark for the first time ever, and grew to $7.04 billion. Loans outstanding to members for the six-month period increased by nearly $200 million or 4.1% to $4.9 billion. Savings at Maine’s credit unions also surpassed a milestone, growing by more than $200 million for the period, to rise above the $6 billion mark for the first time in history to $6.02 billion. Membership growth at Maine credit unions was among the fastest in the entire country, growing nearly 1.8% or 12,000 members over the six-month period to a new total membership record of 679,405 members.
“With across the board growth buoyed by enhanced usage and product penetration by credit union members, along with more consumers turning to local credit unions for financial services, Maine credit unions had a very strong six months,” stated John Murphy, President of the Maine Credit Union League. Murphy said that the ability to provide significant value in the form of lower and fewer fees, better rates on loans and higher rates on savings is “resonating with consumers. Maine credit unions are the best value in financial services, and it is gratifying to see more consumers recognize the benefits of being part of a not-for-profit financial cooperative that is locally-owned and operated.”
In addition to providing strong value to consumers, Murphy cited the continued investment and commitment to providing unmatched convenience and the latest technology, including strong mobile implementation, such as remote check deposit, online account and loan options, and enhanced security as “key factors in serving consumers.” With the state’s largest surcharge-free ATM network growing to more than 250 locations statewide and a shared branch network that operates nearly 175 locations in Maine, nearly three times as many branches as any single bank in Maine, Murphy said the cooperative nature of credit unions “benefits members in a way that other financial institutions cannot. It’s appropriate that these numbers are released during Co-Op month, which highlights the benefits of cooperatives in Maine. As the largest cooperative in Maine, credit unions saved consumers nearly $45 million in 2015 in the form of lower and fewer fees, and a host of other savings. The impact of credit unions in the lives of members and communities across our state is strong and positioned to get even stronger.”