Credit unions in Maine enjoyed robust growth across the board during the first half of 2017, according to the Maine Credit Union League.
Through June 30, 2017, the combined assets at Maine credit unions increased by 4.2 percent to nearly $7.6 billion, while outstanding loans increased by 9.1 percent year-over-year and now total some $5.42 billion.
Deposits at Maine's credit unions rose by nearly $300 million in the six-month period to $6.5 billion overall. Membership at Maine's credit unions during that period jumped by nearly 8,500 to a statewide figure of 694,286 members, a new record.
"The popularity and, more importantly, usage of credit unions in Maine continues to grow,” said Todd Mason, president of the Maine Credit Union League. “Led by impressively strong loan growth in the past 12 months, especially in first mortgages and auto lending, total outstanding loans at Maine credit unions grew by nearly $200 million in the first six months of 2017, and by more than $450 million over a year ago.”
Mason added that with more Maine consumers taking advantage of the local, cooperative structure of credit unions to access credit, “the economic benefit is not only positive for members but for communities, too.”
Mason further pointed out that the value of using a credit union continues to grow, with Maine consumers having saved nearly $57 million in the past year by using a credit union through lower and fewer fees, along with better rates on loans and savings.
Credit unions in Maine are also advancing their usage of high technology.
“From the largest, surcharge-free ATM Network in Maine with nearly 260 locations to a shared branch network with nearly three times as many branches as any single bank in Maine to products and services, such as remote check deposit capture and online account and mortgage offerings, Maine credit unions are integrating the latest technology not to replace the member experience but to enhance it by providing multiple delivery channels,” Mason concluded.