PORTLAND — According to year-end statistics for 2012, the trend of more Maine consumers establishing and strengthening a relationship with a credit union continues to push credit unions to new heights in growth.
According to a news release, for the 12- month period ending Dec. 31, 2012, Maine’s 61 credit unions experienced solid growth in all measurement categories, including members, assets, savings and loans.
As of year-end 2012, five credit unions with branches in the Bath/Brunswick area ranked in the Top 30 in asset size, including: Atlantic Regional FCU, with branches in Brunswick, Topsham, Freeport and Cumberland, at number three; Five County CU, with branches in Bath, Brunswick and Topsham, at number eight; Midcoast FCU, with branches in Bath, Brunswick and Edgecomb, at number 18; Down East CU, which has a branch in Topsham, at number 24; and Lisbon Community FCU, with branches in Lisbon and Lewiston, at number 30.
As of Dec. 31, 2012, combined assets at Maine’s credit unions increased by nearly $275 million and now stand at $5.88 billion, an increase of 4.9 percent.
Loan growth represents a key economic indicator not only for Maine credit unions but for the overall economy and, for the year, loans outstanding to members increased by $227 million, reflecting a notable 6.2 percent increase over year-end 2011 figures.
Last year also saw savings at Maine’s credit unions reach new heights with a 5.4 percent growth, bringing total combined savings to $5.04 billion.
Finally, membership at Maine’s credit unions reflected a net gain of nearly 8,500 new members, a 1.4 percent rise. Total statewide membership at Maine’s credit unions is at 625,500 members, the highest year-end total ever.
“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. 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,” said John Murphy, president of the Maine Credit Union League.
About the League
¦ FORMED IN 1938, the Maine Credit Union League is the state trade association for Maine’s 61 credit unions and 625,500 members, providing a variety of services and products to assist credit unions in meeting the needs of their membership. For more information, visit www.mainecul.org.
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