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October 9, 2013

Credit unions tout record mid-year assets

The Maine Credit Union League says Maine’s 61 credit unions broke a record for aggregate deposits in the first half of this year while showing strong numbers in total assets and loans.

The Kennebec Journal reported that the group says aggregate deposits for Maine’s credit unions topped $6 billion for the first time. Aggregate loans had reached $4 billion by June 30.

Joel Gold, chairman of the finance department at the University of Southern Maine, told the paper that credit unions tended to fare well through the recession because of their greater reliance on smaller deposits and loans that give their portfolios greater consistency than large banks, which typically have more aggressive investments.

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