Third Quarter Stats All Positive For Maine CUs Including New Membership Record, Nearly $250 Million In Share Growth
December 24, 2015
In statistics released last week by the Maine Credit Union League, the third quarter of 2015 reflected positive growth in all measurement categories for Maine credit unions including record membership figures. For the period ending September 30, 2015, membership at Maine credit unions has increased by nearly 15,000 members to a record 665,542 members, shares increased by close to $250 million during that time, with loans growing at a healthy pace, as well, to $4.69 billion, an increase of more than $260 million since the first of the year. Collectively, total assets at Maine credit unions have grown in the first nine months of this year by just under $270 million and now stand at $6.7 billion.
“When it comes to financial services, more consumers are recognizing the benefits and value of belonging to a Maine credit union. As evidenced by the fact that more than 50% of Maine’s population now belongs to a credit union, in addition to robust loan and share growth through the first three-quarters of 2015, consumers appreciate what Maine credit unions offer – quality, affordable financial services,” explained Maine CU League President John Murphy.
The figures are even more impressive when compared with September 2014 with Maine credit unions experiencing 5.6% asset growth, 7.7% loan growth, a 5.2% increase in shares, and 2.4% membership growth with nearly 15,500 new members joining a credit union in the past year.
“Maine credit unions continue to reflect the attitudes of the marketplace, with more consumers choosing to use a credit union than ever before,” added Murphy.