PORTLAND, Maine–Through the first six months of 2017, Maine's credit unions experienced robust growth across all categories, including membership, lending, assets and savings.
When compared with the same period 2016, the growth was even more substantial, according to the Maine Credit Union League.
"The popularity and, more importantly, usage of credit unions in Maine continues to grow. Led by impressively strong loan growth in the past 12 months, especially in first mortgages and auto lending, total outstanding loans at Maine credit unions grew by nearly $200 million in the first six months of 2017, and by more than $450 million over a year ago,” said MCUL CEO Todd Mason. “With more Maine consumers taking advantage of the local, cooperative structure of credit unions to access credit, the economic benefit is not only positive for members but for communities, too.”
For the period ending June 30, 2017, combined assets at Maine credit unions increased by 4.2% to nearly $7.6 billion, while outstanding loans increased by 9.1% year-over-year and now stand at $5.42 billion. Deposits at Maine's credit unions also grew at a healthy pace, increasing by nearly $300 million in six months to $6.5 billion overall. Finally, membership in Maine's credit unions continue to reach record levels with nearly 8,500 new members joining a credit union since Jan. 1, and total membership statewide is now at 694,286 members, a new record, the league said.
Mason said that this type of growth reinforces the "positive impact that the initiatives, products and services, and awareness happening at both the league and at individual credit unions is resonating with Maine consumers. The value of using a credit union continues to grow with Maine consumers saving nearly $57 million in the past year by using a credit union through lower and fewer fees, and better rates on loans and savings. Additionally, the not-for-profit structure of credit unions is appealing to more consumers, not just in membership growth but with the growth in the number of accounts and relationships by existing members."