Maine CUs add 10K members in 1st half of 2014

October 8, 2014

PORTLAND, Maine (10/9/14)--Maine's 61 credit unions added nearly 10,000 new members in the first two quarters of the year, as assets, lending and deposits all grew at a steady pace, the Maine Credit Union League reported.

"Maine consumers continue to show their appreciation in the cooperative structure of credit unions, which is focused on serving the member-owners through superior service, better rates on loans, and lower and fewer fees," said league President John Murphy.

"The combined value and benefits that Maine credit unions offer to consumers has resulted in strong growth in all measurement categories; perhaps, none more impressive though than membership.  This is a trend that is being seen throughout the country, with the recent passing of 100 million memberships in credit unions nationwide," he added.

As of June 30, 2014, combined assets at Maine's 61 credit unions exceeded $6.3 billion, representing an increase of $182 million over year-end figures.  Loan growth increased by more than $100 million to $4.2 billion in outstanding loans.

Year-over-year loan growth increased $269 million to June 2014 from June 2013. During that time, deposit growth also remained steady with 3.2% growth for the first six months of 2014, now standing at $5.4 billion.

With an increase of nearly 10,000 members, Maine credit union membership now stands at a record 646,429.