PORTLAND — The commitment of Maine’s credit unions to invest in and introduce new technology, such as remote check deposit, online account opening, online loan applications, and other mobile products, as well as shared branching, helped to produce solid mid-year statistics for Maine’s 60 credit unions.
All four credit unions with ties to Aroostook County ranked in the top 25 in asset size.
According to the Maine Credit Union League, assets, loans and savings all had consistent growth, while statewide membership continued to surge to record highs and now stands at 660,763 members. In northern Maine, University Credit Union, which has a branch in Presque Isle, ranked sixth at $253 million; The County FCU, based in Caribou with branches in Fort Fairfield, Houlton and Presque Isle, was 10th at $202 million; NorState FCU of Madawaska, with branches in Ashland, Eagle Lake, Fort Kent, Presque Isle and Van Buren, came in at 13 with $177 million in assets; and Acadia FCU, based in Fort Kent with branches in Ashland, Madawaska, St. Agatha and St. Francis, came in 21st at $135 million.
When compared with the same period in 2014, state credit union assets grew by nearly 5 percent to $6.62 billion for the period ending June 30, 2015. Outstanding loans grew by almost $300 million over June 2014 and are now collectively $4.56 billion. Savings increased by 4.1 percent for the 12-month period and now sit at $5.6 billion. Finally, membership increased nearly 2.5 percent over the previous year with more than 15,000 new members joining a credit union during that span.
“As evidenced by record membership and usage, consumers have responded to the fact that Maine’s credit unions are local, owned by the members, and focused on the needs of their members especially when offering the latest technology,” explained John Murphy, President of the Maine Credit Union League.
The release of the mid-year statistics comes at a time when Maine’s credit unions are celebrating National Co-Op Month, which is in October.
“The willingness of Maine credit unions to come together collectively to better serve members has produced significant value to members including the largest surcharge-free ATM Network in Maine, and more than 170 locations in Maine and 5,400 nationwide with the Shared Branch Network,” added Murphy.
