PORTLAND, Maine — According to recently released midyear statistics covering the first half of 2017, Maine’s credit unions had robust growth during the period in all measurement categories including membership, lending, assets and savings.
When compared with the same period a year ago, the growth was even more substantial, according to the Maine Credit Union League.
All of the four credit unions with branches in Aroostook County placed in the top 25 in total assets, including University CU, which has a branch in Presque Isle, at number 7; The County FCU, headquartered in Presque Isle, at 11; NorState FCU, with its main office in Madawaska, at 15; and Acadia FCU, headquartered in Fort Kent, at 21.
“The popularity and, more importantly, usage of credit unions in Maine continues to grow,” explained Todd Mason, president of the Maine Credit Union League.
For the period ending June 30, 2017, combined assets at Maine credit unions increased by 4.2 percent to nearly $7.6 billion, while outstanding loans increased by 9.1 percent year-over-year and now stand at $5.42 billion. Deposits increased by nearly $300 million in six months to $6.5 billion overall. Finally, membership grew with nearly 8,500 new members joining a credit union since Jan. 1, and total membership statewide is now at 694,286 members, a new record.
Mason said this type of growth reinforces the positive impact of credit unions and their offerings.
“The value of using a credit union continues to grow, with Maine consumers saving nearly $57 million in the past year by using a credit union through lower and fewer fees, and better rates on loans and savings,” he said. “Additionally, the not-for-profit structure of credit unions is appealing to more consumers, not just in membership growth but with the growth in the number of accounts and relationships by existing members.”
The midyear statistics also come at a time when Maine credit unions continue to utilize technology to help consumers access and conduct financial transactions.
“Maine credit unions are integrating the latest technology not to replace the member experience but to enhance it by providing multiple delivery channels,” Mason said.
