Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Lending, Membership Fuel Maine CUs' Milestone Growth
PORTLAND, Maine (3/29/13)--The inclination of more Maine consumers to establish and strengthen a relationship with a credit union continues to push Maine's credit unions to new growth levels, according to year-end statistics for 2012.

"These figures reflect the significant changes in consumer attitudes and preferences over the past few years, with consumers turning to Maine's credit unions in growing numbers," said John Murphy, president of the Maine Credit Union League. "Consumers with existing credit union relationships are utilizing additional products and services, as well, which is solidifying the increasing number of consumers that use their credit union as their primary financial institution."  

For the 12-month period ending Dec. 31, Maine's 61 credit unions experienced solid growth in all categories including members, assets, savings and loans, the league said.

As of Dec. 31, combined assets at Maine's credit unions increased nearly $275 million to $5.88 billion, an increase of 4.9%.  Loan growth represents a key economic indicator, not only for Maine credit unions, but for the overall economy, the league said. For 2012, loans outstanding to members increased by $227 million, reflecting a 6.2% increase, over year-end 2011 figures.

Last year, savings at Maine's credit unions grew 5.4%, to $5.04 billion. Also, membership reflected a net gain of nearly 8,500 new members, a 1.4% rise. Total membership at Maine's credit unions is at 625,500 members--the highest year-end total ever.

Murphy noted that strong loan growth and membership growth "reinforces the many positives that credit unions are providing to members including value, trust and safety. As financial cooperatives, credit unions are focused on helping and serving their members and, clearly, Maine consumers appreciate the benefits and advantages that using a credit union offers."

Convenience and access is playing a key role in the growth of credit unions, said the league.
RSS





print
News Now LiveWire
RT @CUNA: Today is the first day of #CUYouthMonth How is your #creditunion celebrating?
51 minutes ago
New @FICO score metric expected this week, will include utility payments http://t.co/l0hGhilMqQ
1 hour ago
.@TheNCUA increased supplier diversity in 2014 by 49%, although NCUA’s workforce diversity levels declined slightly.
1 hour ago
Also from FFIEC today, council announces reappointments of Mary Hughes and Lauren Kingry to its State Liaison Committee. 2of2
1 hour ago
.@federalreserve Gov. Tarullo Wed. became 22nd chair of FFIEC for 2-yr term; succeeds Comptroller of the Currency Curry. 1of2
1 hour ago