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Led by an average membership growth rate at Maine’s 56 credit unions of nearly 3%, recently-released year-end statistics for 2017 by the Maine Credit Union League confirmed that the popularity and growth of credit unions in Maine show no signs of slowing down. The average member relationship increased by nearly 5% over the past year, and the penetration of Maine’s credit unions in real estate lending grew to 18.3%, the highest in the nation by double the next closest state.
For the twelve-month period ending December 31, 2017, combined assets at Maine’s 56 credit unions grew by more than $265 million to $7.55 billion. Overall, lending at Maine credit unions grew by nearly 7%, an increase of $355 million, to $5.5 billion. In addition, many credit unions saw strong growth in member business lending and provided capital to a number of small businesses across Maine, which are the backbone of Maine’s economy in many communities. Despite strong growth in the stock market, savings at Maine’s credit unions increased by close to $190 million during the year and now total $6.4 billion. Total credit union membership in Maine continues to close in on 700,000 members with membership at Maine’s credit unions now at 686,267.
Todd Mason, President of the Maine Credit Union League, offered his thoughts on the strong year-end numbers. “The year-end statistics are indicative of what we are hearing from our credit unions across Maine – strong lending and robust membership growth. We are pleased that existing credit union members continue to increase their relationship with their local credit union, including strong growth in mortgages, auto lending and other loan products, and that more Maine consumers continue to become credit union members. By remaining focused on providing the latest products and services that consumers want and need, as well as the personal service and value that sets credit unions apart from other financial institutions, consumers are utilizing credit unions in record numbers. It’s also gratifying to see more millennials turning to credit unions for financial services, with growth in credit union membership among the 18 to 25 year-old demographic increasing by more than 10% over the past three years. The cooperative structure of credit unions, combined with the latest technology and unmatched convenience with the largest surcharge-free ATM Network in Maine and a shared branch network that provides members with nearly three times as many branches as any single bank in Maine, is clearly attracting young people to become members.”