Maine credit unions gain customers, assets, loans

Credit unions in Maine picked up nearly 10,000 new customers in the first half of this year, continuing a trend of consistent growth for the industry, according to a Maine Credit Union League report.

Credit union membership surged to 646,429 members statewide, a new record, reflecting an increase of nearly 10,000 new members since Dec. 31, 2013, the report said.

As of June 30, the combined assets at Maine’s credit unions exceeded $6.3 billion, an increase of $182 million over Dec. 31.

Loan growth, an indicator of consumer spending and often considered a gauge of the economy, increased by more than $100 million to $4.2 billion in outstanding loans.

Deposit growth also remained steady, increasing by 3.2 percent to $5.4 billion.

Geithner testifies AIG deserved strict treatment

Former top regulator Timothy Geithner defended terms of the U.S. government’s 2008 bailout of American International Group Inc., saying Wednesday that the insurance giant’s exceptionally risky behavior had caused losses that called for strict treatment.

The terms included a huge government stake in the company and an interest rate called “crazily high” by a government official. Former AIG CEO Maurice Greenberg is suing the government, asserting that it took control of AIG without “just compensation” for the shares it received.

– From staff and news services