PORTLAND, Maine (10/15/15)--Maine’s credit unions notched solid growth in loans, assets, savings and memberships for the year ending in the second quarter, the Maine Credit Union League reported this week.
Assets rose by nearly 5% on a year-over-year basis in the second quarter to $6.62 billion, while savings climbed 4.1% over that same stretch to $5.6 billion.
Furthermore, loan originations jumped to nearly $1 trillion during the year ending June 30, a $300 million increase over June 2014.
Memberships, meanwhile, jumped nearly 2.5% annually in the second quarter, adding more than 15,000 new members over the stretch.
The league pointed to the commitment by credit unions to providing new technology such as remote check deposit, online banking, online loan applications and mobile products as the reason for the increase in activity.
“As evidenced by record membership and usage, consumers have responded to the fact that Maine’s credit unions are local, owned by members and focused on the needs of their members,” said John Murphy, league president.
Murphy added that credit unions continue to meet member needs by offering the latest financial services technology, such as Apple Pay and Samsung Pay, and EMV chip cards.
“As the largest co-op in Maine, Maine consumers clearly appreciate the value and structure that financial cooperatives bring,” Murphy said. “The willingness of Maine credit unions to come together to better serve members has produced significant value … (and) while many Mainers are still struggling financially, credit unions provide significant savings to consumers.”