Year-End Stats: 2013 Left Maine CUs With Record Membership, Plenty To Smile About
March 24, 2013
2013 proved to be another successful year for Maine’s credit unions, with assets, shares, loans, and membership all reflecting a significant increase, according to year-end statistics of Maine’s 61 credit unions, as reported by your League. While Maine credit unions experienced growth in all measurement categories, several were particularly impressive. In total membership, Maine’s credit union membership saw strong growth in 2013, with 12,000 new members joining a Maine credit union during this year, a net increase of 1.9% in membership. As a result, total membership at Maine’s credit unions is now at 637,370, a new record.
Additionally, as of December 31, 2013, combined assets at Maine’s credit unions rose to $6.14 billion, a 4.3% increase over the same period during the prior year. Maine’s credit unions also continued to be a great source of lending for both consumers and small businesses, with loan growth at 7.1%. Savings rose at a steady rate this past year, growing by 3.9%, which brings total shares to more than $5.2 billion at the end of 2013. John Murphy, President of the League, said that the statistics continue a “trend of consumers not only starting new relationships with credit unions but strengthening existing ones. Over the years, I have often said that credit unions are the best kept secret in consumer financial services; it is evident that the secret is getting out and the message that credit unions offer the best value in financial services is being heard loud and clear.” According to figures compiled by the League, membership at Maine’s credit unions has grown by more than 40,000 net members since 2008.
Murphy added that Maine credit unions are well-positioned for success now and in the future. “Whether it be through the ability to obtain an affordable loan on a car or home, the use of the latest in mobile technology, or access to the largest surcharge-free ATM Network in Maine and a Shared Branch network that provides nearly three times as many branches as any single bank in Maine, there has never been a better time to be a credit union member in our state.”