WESTBROOK, Maine (3/31/15)--Credit unions in Maine saw healthy membership expansion in 2014, as total credit union memberships rose to more than 651,000, a new record for the state, according to numbers released by the Maine Credit Union League (Weekly Update March 26).
In addition to membership gains, assets, loan growth and deposits recorded solid years as well.
Combined assets at Maine's credit unions climbed 4.7% for the year to $6.4 billion, while loan growth increased by 6.3%, an increase of more than $260 million.
The share to savings ratio rose by 4% during the year, translating to a $210 million increase in savings to $5.45 billion, while memberships for the year expanded by 14,026, or 2.2%.
John Murphy, league president, said that the membership gains could be attributed to a variety of factors, including convenience, the cooperative structure and the commitment by credit unions to embrace advancements in technology.
"The cooperative structure of credit unions, where every member is an owner, provides consumers with the best value in financial services, a fact that more and more consumers realize and appreciate," Murphy said.
The state's credit union awareness campaign Young and Free Maine also played a huge role in "raising the awareness of what credit unions offers and provide to consumers of all ages," he added.