Mid-Year Statistics Reflect Continued Surge For Maine’s Credit Unions; Membership Climbs To New High
October 7, 2013
In mid-year statistics and figures released by the Maine Credit Union League, the popularity and growth of Maine’s credit unions shows no signs of slowing down. For the 6-month period covering January 1, 2013 – June 30, 2013, Maine’s 61 credit unions set several new records and recorded growth in all measurement categories including members, assets, savings and loans.
As of June 30, 2013, combined assets at Maine’s credit unions topped $6 billion for the first time ever and now stand at $6.09 billion, an increase of $204 million over the six-month period. Loan growth, often viewed as a precursor of economic trends, grew by $115 million for the period representing a 3% increase and outstanding loans to members are now over $4 billion, a new record. For the first six months of the year, savings continued to increase at a healthy rate, growing by 4.1% or $205 million during the period. Perhaps, most notably, membership at Maine’s credit unions is still surging to new heights with close to 8,000 new members joining a Maine credit union in the first six months of 2013, a net increase of 1.3% in membership. As a result, total membership at Maine’s credit unions is now at 633,272, a record total.
“The trend of more Maine consumers turning to credit unions not only as new members but strengthening existing relationships is a testament to the appreciation and value placed on the cooperative structure of credit unions in providing financial services. By focusing on serving our member-owners, Maine’s credit unions are able to provide better rates on loans, lower and fewer fees and a level of comfort, trust and value that consumers are embracing in record numbers,” remarked John Murphy, President of the Maine Credit Union League.
The League believes the convenience and service of credit unions is having a positive impact with consumers and fueling part of the growth. “From the largest surcharge-free ATM Network in Maine to a shared branch network that provides nearly three times as many branches as any single bank in Maine, credit unions offer the most convenience and access to consumers in the state. Combine that with the latest online technology and mobile products and services and Maine credit unions are giving consumers the ability to access their accounts and conduct transactions in a variety of convenient and low-cost ways,” added Murphy.