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Maine CUs grow during first-half 2009
WESTBROOK, Maine (8/5/09)--Maine credit unions experienced significant growth in the first half of the year and even more robust growth during the past twelve months, according to statistics from the Maine Credit Union League. For the six-month period ending June 30, combined assets of Maine’s 67 credit unions topped $5 billion for the first time, increasing 5.95%. Loans grew 1.16% despite a slowdown in loan demand. Shares/savings climbed 7.75% with members depositing more than $307 million in the state’s credit unions during the first half of 2009. Also, membership at the credit unions rose by more than a full percentage point to 608,187--the largest membership growth in several years. The state’s credit unions had a net gain of 6,328 new members since the beginning of the year. Since June 2008, assets at Maine credit unions have increased 7.77%, loans increased 4.00% and shares/savings surged 7.82%. Nationally, Maine has been ranked the fifth strongest credit union state for the past seven years. John Murphy, league president, called the statistics “validation of the positive impact and leadership role of credit unions during this difficult economic period. “As we move forward and begin to emerge from this recession, Maine’s credit unions are well-positioned as sound financial institutions that will be remembered for developing a number of creative programs to provide valuable assistance to members during a period of great need,” Murphy said. “Credit unions will be an important participant in the new economy offering consumers a full menu of the latest technology-based products available, the convenience of shared branching, a surcharge-free ATM network, along with a comprehensive offering of consumer, mortgage and small business loans and related services,” he continued. He noted, “A recent study, which found that Maine consumers saved $73 million last year by using a credit union, underscores the value of using a credit union.”
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