Maine credit unions reached a milestone in the first half of 2016, with combined assets surpassing $7 billion for the first time.

According to mid-year statistics about Maine’s 58 credit unions from the Maine Credit Union League, combined assets had reached an all-time high of $7.04 billion as of June 30. Total membership in Maine credit unions also reached a record high of nearly 680,000 members, according to the league.

“With across-the-board growth buoyed by enhanced usage and product penetration by credit union members, along with more consumers turning to local credit unions for financial services, Maine credit unions had a very strong six months,” league President John Murphy said in a release.

Loans outstanding to members for the six-month period increased by nearly $200 million, or 4.1 percent, to $4.9 billion, it said. Savings at Maine credit unions also reached a milestone, growing by more than $200 million for the period to rise above the $6 billion mark for the first time to $6.02 billion.

Membership growth at Maine credit unions was among the fastest in the country, the league said, growing nearly 1.8 percent, or 12,000 members, over the six-month period to a new total membership record of 679,405 members.

The league said Maine credit unions operate 196 branches and a network of 250 surcharge-free ATMs in the state.


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