(Portland, ME) – According to recently-released mid-year statistics covering January 1-June 30, 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.
“The popularity and, more importantly, usage of credit unions in Maine continues to grow. Led by impressively strong loan growth in the past 12 months, especially in first mortgages and auto lending, total outstanding loans at Maine credit unions grew by nearly $200 million in the first six months of 2017, and by more than $450 million over a year ago. With more Maine consumers taking advantage of the local, cooperative structure of credit unions to access credit, the economic benefit is not only positive for members but for communities, too,” 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% to nearly $7.6 billion, while outstanding loans increased by 9.1% year-over-year and now stand at $5.42 billion. Deposits at Maine’s credit unions also grew at a healthy pace, increasing by nearly $300 million in six months to $6.5 billion overall. Finally, membership in Maine’s credit unions continue to reach record levels with nearly 8,500 new members joining a credit union since January 1, and total membership statewide is now at 694,286 members, a new record.
Mason said that this type of growth reinforces the “positive impact that the initiatives, products and services, and awareness happening at both the League and at individual credit unions is resonating with Maine consumers. 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. 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 mid-year statistics also come at a time when Maine credit unions continue to utilize technology to help consumers access and conduct financial transactions. Mason explained, “From the largest, surcharge-free ATM Network in Maine with nearly 260 locations to a shared branch network with nearly three times as many branches as any single bank in Maine to products and services, such as remote check deposit capture and online account and mortgage offerings, Maine credit unions are integrating the latest technology not to replace the member experience but to enhance it by providing multiple delivery channels.”