Maine credit unions' membership and assets surging
Maine’s 58 credit unions continued to surge in 2016 in all growth categories, led by an increase of nearly 20,000 new members in the past year, to bring the total to 685,926 members.
Maine’s credit unions also reported an increase of more than $456 million in lending, according to their 2016 annual report released on Tuesday.
Other highlights:
- For the 12-month period ending Dec. 31, 2016, combined assets at Maine’s 58 credit unions was $7.28 billion.
- Outstanding loans at Maine credit unions top the $5 billion milestone for the first time ever.
- Lending increased by 9.6% in 2016 to end the year at $5.23 billion in loans.
- Savings at Maine’s credit unions grew by more than $390 million in 2016, an increase of 6.8%, collectively bringing total savings at Maine’s credit unions above $6 billion for the first time to $6.2 billion.
- Total credit union membership in Maine jumped by nearly 3%, or slightly more than 18,000 members, the second highest percentage membership growth in the nation just behind Alaska.
“To add 50,000 new members in the past three years, when population growth in Maine has been essentially stagnant, is a testament to the cooperative structure of credit unions,” Maine Credit Union League President John Murphy said in a news release. “In 2016, Maine consumers saved $57 million by using a credit union through lower and fewer fees, and better rates on loans and dividends. That is another big reason why more than half of Maine’s population belongs to a credit union.”
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