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News Now

CU System
Maine CUs 1Q growth outpaces national trends
PORTLAND, Maine (7/18/11)--Maine credit unions met or, in many instances, exceeded national trends in key growth areas, according to a First Quarter Performance Report. The report--recently released by the Maine Credit Union League to member credit unions--indicated growth in assets, shares and loans and reinforced the strength of Maine’s credit unions (Weekly Update July 15). Some of the highlights for first quarter 2011 include: a 9.3% increase in the amount of first mortgages outstanding, 4.96% share growth, and total capital levels at 10.6% of assets--well above Maine thrifts and U.S. banks--and 12.1% growth in member business loan balances, nearly double the national average when compared with first quarter 2010. Other positive signs the report found include an 11 basis-point decrease in the delinquency rate over the same period a year ago, and an increase in the average member relationship--the outstanding combined loan and share balances per member--to $13,504. “As indicated in this quarterly report, Maine’s credit unions remain vibrant and healthy, and reflect the fact that an ever-growing number of Maine consumers continue to turn to Maine’s credit unions,” said league President John Murphy. Callahan & Associates compiled the report for the league.


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