Credit unions realize record-setting growth
PORTLAND — According to recently-released mid-year statistics of Maine credit unions, all four credit unions with ties to Aroostook County reported growth through the first six months of 2016, and all placed in the top 25 in asset size.
Included were 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, 10th; NorState FCU of Madawaska with branches in Ashland, Eagle Lake, Fort Kent, Presque Isle and Van Buren, 15th; and Acadia FCU, based in Fort Kent with branches in Ashland, Madawaska, St. Agatha and St. Francis, ranked 21st.
The first six months of 2016 was marked by the achievement of significant milestones including total membership reaching a new record of nearly 680,000 members.
For the six-month period covering Jan. 1-June 30, 2016, combined assets at Maine’s 58 credit unions surpassed the $7 billion mark for the first time ever, and grew to $7.04 billion. Loans outstanding to members for the six-month period increased by nearly $200 million or 4.1 percent to $4.9 billion. Savings also surpassed a milestone, growing by more than $200 million for the period, to rise above the $6 billion mark for the first time in history to $6.02 billion.
Membership growth at Maine credit unions was among the fastest in the country, growing nearly 1.8 percent or 12,000 members over the six-month period to a new total membership record of 679,405 members.
“With across-the-board growth buoyed by enhanced usage and product penetration by credit union members, along with more consumers turning to local credit unions for financial services, Maine credit unions had a very strong six months,” stated John Murphy, president of the Maine Credit Union League.
Murphy said the ability to provide significant value in the form of lower and fewer fees, better rates on loans and higher rates on savings is resonating with consumers. He cited strong mobile implementation, such as remote check deposit, online account and loan options, and enhanced security as “key factors in serving consumers.”
Murphy said the cooperative nature of credit unions “benefits members in a way that other financial institutions cannot. It’s appropriate that these numbers are released during Co-Op month, which highlights the benefits of cooperatives in Maine.”
Credit unions saved consumers nearly $45 million in 2015 in the form of lower and fewer fees and other savings, he said.
