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News Now

CU System
Maine CUs added 3300 new members in 1Q
PORTLAND, Maine (7/9/12)--Maine credit unions added 3,300 new members in the first quarter, bringing total credit union membership in the state to 620,313 as of March 31.

The state's credit unions now have combined total assets of $5.8 billion, an increase of 3.3% from year-end, while deposits grew to $4.98 billion, a 4.3% jump for the quarter, said the Maine Credit Union League (Weekly Update July 6).

Outstanding loans increased by $11 million to $3.67 billion for the quarter. Loan originations at Maine credit unions and CUSO Mortgage Corp. increased by 34.7% over the same period in 2011--10% above the national average.

Much of the loan growth was fueled by a 70% increase in first mortgage originations from a year ago, the league said. Maine credit unions also experienced a 10% increase in member business loans over March 2011 levels.

"Maine credit unions continue to experience consistent growth, which has a positive economic impact on the lives of members and communities," said John Murphy, the league's president. "We are also gratified to see that more consumers continue to turn to credit unions for financial services through new relationships or expanding existing relationships."


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