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October 5, 2011

Maine CUs doing well in 2011

By The Mainebiz News Staff

Maine credit unions had a strong first half of the year, with combined assets at the state's 64 institutions rising 3% over the six-month period.

Credit unions saw growth in all key categories, including assets, savings, lending and membership, according to a press release from the Maine Credit Union League. Combined assets rose to $5.56 billion, and loan growth was positive, fueled by a 5.1% rise in real estate loans. Savings held by credit unions increased 2.7%, or by $126 million, and membership grew 0.7%, now totaling 615,108. "Maine credit unions are well-capitalized at higher levels than other state and national financial institutions, and have exceptionally strong asset quality," said John Murphy, president of the league. "Both figures reinforce the strong position of credit unions in an otherwise uncertain financial marketplace."

He also said that credit unions are reporting more interest in the wake of Bank of America's decision to begin charging $5 a month for debit card use, a move other banks are expected to follow.

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