PORTLAND, Maine — According to recently released year-end statistics for 2016, Maine credit unions continued to surge in all growth categories, led by an increase of nearly 20,000 new members which brings the state membership total to 685,926.
In addition, credit unions reported an increase of more than $456 million in lending.
All four credit unions with ties to Aroostook County reported healthy growth for the past year, with all four ranking in the top 25 in asset size, including: University CU of Orono, with a branch in Presque Isle, at number 6; The County FCU, headquartered in Presque Isle with branches in Caribou, Fort Fairfield, Houlton and Presque Isle, at number 11; NorState FCU of Madawaska with branches in Ashland, Eagle Lake, Fort Kent, Presque Isle and Van Buren, at number 15; and Acadia FCU, based in Fort Kent with branches in Ashland, Madawaska, St. Agatha and St. Francis, ranked number 21.
John Murphy, president of the Maine Credit Union League, said, “We have said for years that Maine’s credit unions are the best value in financial services, and consumers are recognizing the benefits in record numbers. We are particularly pleased with the healthy growth in membership and lending. All of those dollars that credit unions lend go back into local communities across the state, whether through the purchase of vehicles, homes, retail products and small business loans.”
For the 12-month period ending December 31, 2016, combined assets at Maine’s 58 credit unions grew by nearly $450 million to $7.28 billion. Outstanding loans topped the $5 billion milestone for the first time ever. Lending increased by 9.6 percent in 2016 to end the year at $5.23 billion in loans.
Savings grew by more than $390 million in 2016, an increase of 6.8 percent, to top $6 billion for the first time, now standing at $6.2 billion.
Total credit union membership in Maine jumped by nearly 3 percent, or slightly more than 18,000 members, the second highest percentage membership growth in the nation just behind Alaska. In the past three years, state credit unions have added 50,000 new members.
“Maine is a strong cooperative state,” Murphy said. “To add 50,000 new members in the past three years, when population growth in Maine has been essentially stagnant, is a testament to the cooperative structure of credit unions.”
Murphy said economic benefits from credit unions are significant. “In 2016, Maine consumers saved $57 million by using a credit union through lower and fewer fees, and better rates on loans and dividends. That is another big reason why more than half of Maine’s population belongs to a credit union.”
Formed in 1938, the Maine Credit Union League is the state trade association for Maine’s 58 credit unions. For more information, visit www.mainecul.org.
