Strong First Quarter For Maine Credit Unions; Membership Approaches 630,000 Members


Wednesday, June 26, 2013

Assets, shares and membership at Maine credit unions continue to surge.  According to first quarter statistics provided by the Maine Credit Union League for Maine's 61 credit unions, combined total assets at Maine credit unions topped $6 billion for the first time, up nearly 3% over year-end, while deposits grew to $5.2 billion, an increase of close to 4% in three months.  Finally, membership at Maine credit unions continues to experience strong growth reaching a new high of 629,000 members, reflecting the addition of almost 4,000 new members since the end of the year.

"Consumers are continuing to turn to their local credit union for financial services.  The ability of Maine credit unions to provide the latest technology, unparalleled in-state convenience, and a focus on members in a way no other financial institution can, have all played significant roles in the growing popularity and usage of credit unions in Maine," noted John Murphy, President of the Maine Credit Union League.

Murphy said the strong first quarter marks a "great start to the new year, and builds on the trend of consumers turning more and more to Maine's credit unions, a trend that has increased dramatically since the beginning of the Great Recession in 2008."

While loan growth for the period was nearly flat, Murphy said that is pretty usual for the first quarter when seasonal borrowing is usually down and slow.  "Lending over the 12-month period at Maine credit unions has grown by more than $200 million or just under 6%, which gives a clearer picture that consumers are borrowing from Maine credit unions at a healthy rate to buy houses, make renovations, purchase cars and other items and services."

As of March 31, 2013, Maine credit unions reported $3.88 billion in outstanding loans.