Maine credit unions record asset growth
Membership climbs in last two years
PORTLAND — In the past two years, more than 30,000 Maine consumers have joined a Maine credit union, bringing total credit union membership to 667,427 statewide.
In recently released year-end statistics of the state’s credit unions, 2015 saw strong growth in not only membership but in all other significant categories including a $351 million increase in new loans.
All four credit unions with ties to Aroostook County reported growth in 2015, ranking in the Top 25 in asset size, including: University Credit Union, based in Orono and with a branch in Presque Isle, at number 6; The County Federal Credit Union, headquartered in Caribou with branches in Fort Fairfield, Houlton and Presque Isle, ranked 10; NorState Federal Credit Union of Madawaska, with branches in Ashland, Eagle Lake, Fort Kent, Presque Isle and Van Buren, at 13; and Acadia Federal Credit Union, based in Fort Kent, with branches in Ashland, Madawaska, St. Agatha, and St. Francis, ranked which came in 21st.
“Maine’s credit unions are continuing to grow in popularity and usage with Maine consumers,” said John Murphy, president of the Maine Credit Union League. “The reasons for that growth are many, including technology, convenience, access and value. Because credit unions are owned by the people that use credit union services, there is a strong focus on meeting the needs of their members and the communities they serve.”
Murphy also pointed to the significant investment and implementation of new technology by the institutions through products and services, such as mobile banking and remote check deposit. Besides technology, cooperation among Maine’s credit unions has led to the state’s largest surcharge-free ATM network and shared branching approaching 175 locations in the state.
For the 12-month period ending Dec. 31, 2015, combined assets at the state’s 60 credit unions increased by more than $400 million to $6.84 billion. Members helped to fuel 7.9 percent loan growth in 2015 with outstanding loans rising to $4.77 billion. Savings grew by nearly $380 million, an increase of 6.9 percent, and are collectively at $5.8 billion for the Maine credit union system.
Finally, total credit union membership statewide rose by 1.9 percent, or more than 16,000 members, which was tied with Idaho for the second highest median membership growth nationwide. Total membership in Maine is now at a new record of 667,427.
Formed in 1938, the Maine Credit Union League is the state trade association for Maine credit unions and more than 667,000 members, providing a variety of services and products to assist credit unions in meeting the needs of their membership. For more information, visit www.mainecul.org.
