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Led by a gain of more than 4,000 new members, the recently-released first quarter statistics all reflected positive growth for Maine's credit unions. According to the Maine Credit Union League, membership now stands at 655,716 members, a new record high.
In other key measurement categories, assets for the first quarter increased $137 million to $6.57 billion for the state's 60 credit unions. While loans, despite a harsh winter significantly impacting lending, grew only $10 million for the period to $4.4 billion, outstanding loans from March 2014 were up a healthy 6.4%. Shares at Maine credit unions went up by $158.8 million for the first quarter, a 3% increase, to $5.6 billion collectively as a system. Finally, compared to a year ago, more than 15,000 new members have been added by Maine's credit unions.
"Maine credit unions continue to attract consumers looking for a better option for financial services. We are pleased that the statistics reflect solid, across the board growth, indicating that the popularity of credit unions in Maine continues to grow stronger. As not-for-profit, financial cooperatives, credit unions are well-positioned to provide consumers with the most cost-effective products and services, as well as unmatched convenience. That is a formidable combination that we will continue to promote and highlight in our statewide awareness campaign and other messaging opportunities," stated your League's President John Murphy.