PORTLAND, Maine (4/9/13)--More consumers in Maine established or strengthened their relationship with a credit union, pushing Maine's credit unions to milestone growth during 2012, said the Maine Credit Union League.
"For the 12-month period ending Dec. 31, Maine's 61 credit unions experienced solid growth in all measurement categories, including members, assets, savings and loan," the league reported in its Weekly Update (April 5).
Assets increased by nearly $275 million or 4.9% to $5.88 billion, said the league. Loans outstanding increased $227 million or 6.2% over year-end 2011. Savings grew 5.4% to a record $5.04 billion.
Membership was up 1.4%, a net gain of nearly 8,500 new members and bringing total membership in the state to a record 625,500 members. The league noted that a merger of Shaw's Employees FCU with an out-of-state credit union during 2012 impacted member growth statistics in the state. Excluding that credit union from the annual growth calculation would bring the state's membership gain to 2%.
"These figures reflect the significant changes in consumer attitudes and preferences over the past few years with consumers turning to Maine's credit unions in growing numbers," said league President John Murphy.
"Consumers with existing credit union relationships are utilizing additional products and services as well, which is solidifying the increasing number of consumers that use their credit union as their primary financial institution," Murphy said.
The Credit Union National Association is urging credit unions to "Unite For Good" in rallying toward a strategic vision for the future of credit unions, where "Americans choose credit unions as their best financial partner."
One of the key measures of success in achieving that vision is raising the number of members who consider their credit union to be their primary financial institution, said CUNA President/CEO Bill Cheney, when he outlined the vision for credit unions during CUNA's Governmental Affairs Conference in March.
That can be done through: removing barriers, raising awareness and fostering service excellence. For more information, use the links to Unite For Good.org and aSmarterChoice.org.