Mid-Year Statistics Show Robust Growth For Maine’s Credit Unions; Membership Continues To Surge
October 7, 2014
In mid-year statistics and figures recently released by the Maine Credit Union League, the first half of 2014 reflect consistent growth for Maine’s credit unions. For the 6-month period covering January 1, 2014 – June 30, 2014, Maine’s 61 credit unions assets, lending and deposits all grew at a steady pace, while membership continued to surge with the addition of nearly 10,000 new members since the start of the year.
As of June 30, 2014, combined assets at Maine’s credit unions now exceed $6.3 billion, representing an increase of $182 million over year-end figures. Loan growth, which is an indicator of consumer spending and often looked to as a gauge of the economy, increased by more than $100 million to $4.2 billion in outstanding loans. For the period covering June 2013 to June 2014, the lending growth is even more compelling with an impressive $269 million in loan growth over that time. During that time, deposit growth also remained steady with 3.2% growth for the first six months of 2014, now standing at $5.4 billion. Consumer popularity in credit unions also showed no signs of pulling back with membership surging to 646,429 members statewide, a new record, and an increase of nearly 10,000 new members since year-end.
“Maine consumers continue to show their appreciation in the cooperative structure of credit unions, which is focused on serving the member-owners through superior service, better rates on loans, and lower and fewer fees. The combined value and benefits that Maine credit unions offer to consumers has resulted in strong growth in all measurement categories; perhaps, none more impressive though than membership. This is a trend that is being seen throughout the country, with the recent passing of 100 million memberships in credit unions nationwide. It’s gratifying to see such a robust expansion in the usage of credit unions with the addition of new members and an increase in existing relationships by Maine consumers,” observed John Murphy, President of the Maine Credit Union League.
In addition to the cooperative structure and benefits of credit unions, the League attributes the convenience and access of Maine’s credit unions as helping to drive some of the growth and popularity of credit unions. “Maine credit unions have developed an unmatched, multi-channel delivery network of products services to fit consumers needs. From a shared branch network that has nearly three times as many branches as any single bank in Maine to the largest surcharge-free ATM network in Maine, the convenience of credit unions in Maine is second to none. Additionally, the implementation of the latest and most sophisticated technology, such as mobile applications and remote deposit, consumers can choose from a variety of methods to conduct transactions,” added Murphy.