WESTBROOK, Maine (3/24/14)--There is "plenty to smile about" a headline in the Maine Credit Union League's Weekly Update read last week.
The reason? A record-breaking year in 2013 for membership, and strong growth across the board for the state's credit unions.
"Over the years, I have often said that credit unions are the best kept secret in consumer financial services," said league President John Murphy. "It is evident that the secret is getting out and the message that credit unions offer the best value in financial services is being heard loud and clear."
Credit unions in Maine added 12,000 new members last year, a net increase of 1.9%, bringing total membership to a record 637,370 members for the state's 61 credit unions.
Membership at Maine's credit unions has jumped by more than 40,000 members since 2008.
As for financial growth, the state credit unions also posted a 4.3% spike in combined assets, up to $6.14 billion. Loan growth swelled by 7.1%, and savings bumped up 3.9% to $5.2 billion.
"Whether it be through the ability to obtain an affordable loan on a car or home, the use of the latest in mobile technology, or access to the largest surcharge-free ATM network in Maine ... there has never been a better time to be a credit union member in our state," Murphy said.