Town & Country Federal Credit Union in Scarborough, Maine, added more than 1,000 members in 2018 as its net income and loan growth surged.
The $385 million-asset credit union earned about $2.3 million in 2018, a 30 percent increase over the prior year. Management said on Thursday that it had 38,730 members, up more than 4 percent from the prior year.
Town & Country now has about 10,000 more members than any other Maine-based credit union. Maine Savings Federal Credit Union of Hampden is the second largest in terms of members with roughly 28,700.
At the end of 2018, outstanding loans totaled $342.6 million, an almost 7 percent increase over the previous year. In addition, Town & Country’s deposits climbed by 7 percent.
“While it is gratifying to see our membership continue to grow at a steady pace, the loan growth indicates that we were able to help more members with their financing needs, which is far more important,” David Libby, president and CEO of Town & Country, said in a statement.
