The year 2013 was historic for Maine’s credit unions, led by membership growing to a record 637,370. This groundbreaking number is a result of 12,000 new members joining a Maine credit union in 2013. In Aroostook County, total credit union membership stands at 37,000 members, which represents more than half of the entire population of the County. More Maine consumers are also choosing Maine credit unions for loans, with loan growth at the significant rate of 7.1 percent.
Additionally, as of Dec. 30, 2013, combined assets at Maine’s credit unions surpassed the $6 billion mark for the first time ever, coming in at $6.14 billion, a 4.3 percent increase over the same period during the prior year. Savings continued to increase at a healthy rate in 2013, growing by 3.9 percent, bringing total shares to more than $5.2 billion at the end of 2013.
All four credit unions with ties to Aroostook County ranked in the Top 25 in asset size including: University CU, which has a branch in Presque Isle, ranked sixth at $233 million; The County FCU, based in Caribou with branches in Fort Fairfield, Houlton and Presque Isle, was 10th at $190 million; NorState FCU of Madawaska, with branches in Ashland, Eagle Lake, Fort Kent, Presque Isle and Van Buren, came in at 13th at $171 million in assets.
John Murphy, president of the Maine Credit Union League, said that evident in these numbers is the trust that Maine consumers have in the ability of Maine’s credit unions to remain safe, strong, and growing in the many ways they work to serve their members.
“The true value of all that a relationship with a Maine credit union brings to Maine consumers is clear, with loans experiencing a growth of over $276 million in 2013,” he said. “Through local decisions, personalized service, and the real relationships behind these loans, Maine’s credit unions are able to make a significant impact in the lives of their members. This also reflects the positive momentum experienced by Maine’s credit unions in the past five years, with 40,000 consumers joining the credit union movement in Maine.”
Murphy added that through the many convenience offerings provided to members, both Maine credit unions and their members are 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.”
