Credit unions in Maine have surpassed the $7 billion mark in total assets for the first time in history, according to data released by The Maine Credit Union League (MCUL).
According to new data from the Maine Credit Union League, during the six-month period ending June 30, Maine's 58 credit unions saw aggregate assets reach $7.04 billion, while lending increased by almost $200 million to $4.9 billion. Savings at credit unions in the Pine Tree State soared to $6.02-billion – another all-time record.
Meanwhile, membership at Maine credit unions jumped to almost 680,000, increasing by 1.8% over the first two quarters of this year.
Interestingly, as Maine's credit unions continue to add members, the state's population growth has remained stagnant. According to U.S. Census data, Maine had a population of 1,329,328 in July 2015, a decline of 928 people from the prior year figure, but 967 more people than in 2010.
"With across-the-board growth buoyed by enhanced usage and product penetration by credit union members, along with more consumers turning to local credit unions for financial services, Maine credit unions had a very strong six months," said John Murphy, president of MCUL, in a statement.
Murphy also said that the ability of local credit unions to provide "significant value" in the form of lower and fewer fees, better rates on loans and higher rates on savings is "resonating" with consumers.
"Maine credit unions are the best value in financial services, and it is gratifying to see more consumers recognize the benefits of being part of a not-for-profit financial cooperative that is locally-owned and operated," he added.
Murphy further stated that the state's credit unions' surcharge-free ATM network has grown to more than 250 locations statewide and that it now has a shared branch network operating in nearly 175 locations, almost three times as many branches as any single bank in Maine.
