PORTLAND — With across-the-board growth in all measurement categories including another new record for membership, the popularity of Maine’s credit unions continued to soar in 2014.
According to recently released year-end statistics of Maine’s 60 credit unions, as reported by the Maine Credit Union League, assets, loans and savings all saw healthy increases during the past year. Perhaps most impressive, however, is the 12-month growth of more than 14,000 new members, or 2.2 percent, bringing total membership at Maine’s credit unions to 651,405 members.
For the 12-month period ending Dec. 31, 2014, combined assets at Maine’s credit unions grew 4.7 percent for the year to $6.43 billion. Despite the transition from a mortgage refinancing market, which fueled much of the loan growth in 2013, to a purchase market in 2014, credit union lending rose by 6.3 percent to $4.42 billion in outstanding loans to members. Finally, savings at state credit unions grew 4 percent for the year, an increase of nearly $210 million, to a combined total of $5.45 billion.
All four credit unions with ties to Aroostook County reported growth and ranked in the Top 20 in asset size, including: University CU, which has a branch in Presque Isle, ranked sixth at $255 million; The County FCU, based in Caribou and with branches in Fort Fairfield, Houlton and Presque Isle, 10th at $196 million; NorState FCU of Madawaska, with branches in Ashland, Eagle Lake, Fort Kent, Presque Isle and Van Buren, came in at 13th with $175 million in assets; and Acadia FCU, based in Fort Kent with other branches in Ashland, Madawaska, St. Agatha and St. Francis, came in 20th at $132 million.
Reflecting on the 2014 statistics, John Murphy, president of the Maine Credit Union League, called them “further indication that Maine’s credit unions are the financial services provider of choice for many Maine consumers. Since 2008, when most experts agree that the great recession began, Maine’s credit unions have added a net total of more than 55,000 new members.”
Murphy said while credit unions were popular before the recession, consumers appear to have a significantly higher appreciation for the value and benefits the institutions provide, including being local and owned by the members.
“The strength, safety and soundness of Maine’s credit unions have clearly provided a source of stability that is reflected in the long-term growth trend that these figures represent,” he added. “It’s great to see that not only are credit unions setting new membership records but experiencing impressive increases in member usage of products and services. That is a true indicator of how popular Maine credit unions have become with consumers.”
Murphy also cited other factors as contributing to credit union growth, including the state’s largest shared-branch network and surcharge-free ATM network, and features such as remote deposit, personal finance management tools, mobile access and free checking accounts with no minimum balance.
