SCARBOROUGH, Maine–In its recently-released year-end recap of 2019, Town & Country FCU reported record savings provided to members at nearly $10 million by year-end and close to 10% in asset growth, with the CU surpassing the $400 million in asset milestone. It also saw 15% growth in deposits. Additionally, the credit union topped all Maine credit unions in Facebook followers, and reported the second largest membership of Maine credit unions.
As of Dec. 31, 2019, Town & Country reported that membership grew to 39,791 members, an increase of nearly 1,100 members over the previous year. In addition to membership, the credit union finished the year with $360.3 million in outstanding loans, an increase of more than 5%, while deposits grew by a robust 15% to $354 million.
Town & Country said its most impressive highlight from 2019 was the total savings it provided to members through better rates, lower and fewer fees and other products and services. As a result of the credit union’s Million Dollar Challenge initiative, launched in April, the credit union reported saving its members nearly $10 million, close to $2.5 million higher than 2018. The additional $2.5 million in member savings came through the Million Dollar Challenge, which the credit union created in 2019 with a goal to add to its savings to members by at least $1 million.
“It’s in our DNA to help our members so it’s gratifying to see the positive, direct impact we had on our members and their finances,” said David Libby, president and CEO. “Our ability to save our members nearly $10 million reinforces the Town & Country commitment to improving the lives of our members. Additionally, the strong growth in assets and deposits, as well solid loan and membership growth highlights the fact that 2019 was a really positive and productive year for Town & Country, our members and the communities we serve. I am also proud that we had another strong year of engagement and support of our local communities through nearly $150,000 in contributions and thousands of hours of volunteer time to close to 200 local non-profits and causes.”
Libby noted that while 2019 was an overwhelming success for the credit union and its members, the focus is “now on 2020, and continuing to pursue innovative opportunities to better serve and engage our members, as well as new initiatives dedicated to the financial wellness of our members and the communities we serve.”