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According to recently-released year-end statistics for 2014, Maine credit unions continued to grow in usage and popularity as credit unions experienced strong collective growth in all measurement categories with total membership surging to a new record at 651,400 members.
During the twelve-month period ending December 31, 2014, the combined assets of Maine's credit unions grew by a solid 4.7% to end the year at $6.4 billion. Despite the transition from a refinancing loan market that fueled a significant portion of the loan growth in 2013 to a purchase market environment, loan growth remained impressive for the year at 6.3%, an increase of more than $260 million. Share/savings growth at Maine credit unions continued to grow at a steady clip of 4% for the year, representing an increase of nearly $210 million in savings balances to $5.45 billion at year-end. In 2014, membership grew by 14,026 members or 2.2%, and year-end membership at Maine credit unions surged to an all-time high and now stands at 651,405 members.
Your League's President John Murphy said the growth can be contributed to a number of factors including "convenience, access, cooperative structure, and the ability to embrace and deliver new technology focused on the needs of members. Maine's credit unions have the state's largest surcharge-free ATM Network, a branch network with shared-branching that has nearly three times as many branches as any single bank in Maine, and products and services, such as mobile deposit, personal finance manager, and other technology that provides members with the multi-channel access to their finances that today's consumer seeks. In addition, the cooperative structure of credit unions, where every member is an owner, provides consumers with the best value in financial services, a fact that more and more consumers realize and appreciate."
Murphy also praised the creative statewide awareness program and the innovative Young & Free Maine program as factors that have "contributed to raising the awareness of what credit unions offer and provide to consumers of all ages."