Maine Credit Union League Reports Strong Growth Among the State’s 62 Credit Unions
The Maine Credit Union League said the state’s 62 credit unions posted strong growth trends in members, assets, savings and loans for the first half of 2012.
As of June 30, the combined assets at Maine’s credit unions grew by $200 million to $5.87 billion, an increase of 4.1%. Loans outstanding to members totaled $113 million in the first six months, representing a 3.1% increase. Year-to-date loan originations also were up 37.3%, according the Portland-based league.
What’s more, the league said Wednesday, savings rose by close to 5% with $232 million in new deposits flowing into Maine credit unions. Membership showed a net gain of nearly 7,000 new members reflecting an increase of 1.1% in the first half of 2012.
Maine’s credit unions set a new record of total membership for the seventh consecutive quarter ending June 30, according to the league. Currently, there are nearly 624,000 credit union members in the state.
Other highlights from the mid-year statistics include stellar growth in first mortgage originations with a 76.7% increase and a 9.5% increase in used auto loans, the league said.
“The popularity of Maine’s credit unions continues to grow as demonstrated by more consumers switching to credit unions,” said John Murphy, president of the Maine Credit Union League.
“Relationships between existing members and their credit unions are also growing stronger,” Murphy said. “No longer are the benefits of using a credit union going unnoticed, as more consumers appreciate and recognize that credit unions are a great deal.”