The addition of nearly 5,000 new members in the first quarter highlighted recently-released first quarter statistics that reflected solid, across the board growth in nearly all measurement categories.
According to the Maine Credit Union League, assets grew during the first quarter by 2.7% and now stand at $7.7 billion. Lending during the first quarter grew to $5.6 billion, an increase of $30 million. Share growth was particularly strong in the first quarter, increasing by more than $270 million, a 4.2% rise, to stand collectively at $6.6 billion. Finally, membership growth was robust in the first quarter with a net member increase of 4,831 members. Total statewide membership at Maine CUs grew to 691,098 members as of March 31, 2018.
“I am pleased with the solid growth reported by Maine credit unions. I was particularly pleased at the growth in the average member relationship, which grew by 3.7% in the first quarter. As we look ahead to the remaining three quarters of the year, Maine CUs are in strong shape to grow even more,” stated Todd Mason, President/CEO of the Maine Credit Union League.