WESTBROOK, Maine–The average credit union in Maine grew membership by 3% during 2018, while at 18.3% growth the state grew its penetration rate in real estate lending by more than any other state, according to new data.
The Maine CU League reported the Pine Tree State’s 56 credit unions also increased the average member relationship by nearly 5%.
Other data points from the year-end 2017 numbers:
- For the twelve-month period ending Dec. 31, 2017, combined assets at Maine’s CUs grew by more than $265 million to $7.55 billion
- Overall, lending at Maine credit unions grew by nearly 7%, an increase of $355 million, to $5.5 billion
- Maine’s credit unions increased by close to $190 million during the year and now total $6.4 billion
- Total credit union membership in Maine continues to close in on 700,000 members with membership at Maine’s credit unions now at 686,267. Based on percentage of the population belonging to a credit union, Maine is the fifth strongest credit union state in the country with approximately 53% of Maine’s population being credit union members, the Maine league said
“The year-end statistics are indicative of what we are hearing from our credit unions across Maine – strong lending and robust membership growth,” Todd Mason, president of the Maine Credit Union League stated. “We are pleased that existing credit union members continue to increase their relationship with their local credit union, including strong growth in mortgages, auto lending and other loan products, and that more Maine consumers continue to become credit union members…It’s also gratifying to see more Millennials turning to credit unions for financial services, with growth in credit union membership among the 18 to 25 year-old demographic increasing by more than 10% over the past three years. The cooperative structure of credit unions, combined with the latest technology and unmatched convenience with the largest surcharge-free ATM Network in Maine and a shared branch network that provides members with nearly three times as many branches as any single bank in Maine, is clearly attracting young people to become members.”