PORTLAND, Maine (10/7/13)--Credit unions' popularity with consumers in Maine is at an all-time high, according to mid-year statistics released by the Maine Credit Union League (Weekly Update Oct. 4).
"The trend of more Maine consumers turning to credit unions, not only as new members but strengthening existing relationships, is a testament to the appreciation and value of the cooperative structure of credit unions in providing financial services," commented John Murphy, league president. "The credit union brand resonates strongly with consumers."
From New Year's Day until June 30, the state's 61 credit unions recorded $6.09 billion in assets--an increase of $204 million. They also had an uptick of $115 million in loans--a 3% increase that saw outstanding loans exceed a record $4 billion. During that time, savings in Maine credit unions also grew by $205 million, an increase of 4.1% driven by the 8,000 new members who joined credit unions in the first half of 2013.
The net increase of 1.3% in membership saw total credit union membership in the state rise to 633,272. The figure represents just under half of the 1.33 million people living in Maine in 2012, according to the U.S. Census Bureau.