Credit Unions report robust growth

PORTLAND — According to mid-year statistics from the Maine Credit Union League, Maine Consumers continued to embrace credit unions for financial services in significant numbers during the first six months of 2012. From January – June 2012, Maine’s 62 credit unions experienced robust growth in all measurement categories including members, assets, savings and loans.

As of June 30, combined assets at Maine’s credit unions grew by $200 million to $5.87 billion, an increase of 4.1%, and loans outstanding to members increased by $113 million in first six months, representing an impressive 3.1% increase, with year-to-date loan originations up 37.3% over the same period a year ago.

During the same time, savings rose by close to 5% with $232 million in new deposits flowing into Maine credit unions, and membership showed a net gain of nearly 7,000 new members reflecting an increase of 1.1%.

Membership at Maine’s credit unions set a new record for the seventh consecutive quarter and continues to build on its highest total ever with membership now standing at nearly 624,000 members statewide.

Through the first six months of 2012, eight credit unions with branches in Androscoggin, Franklin and Oxford Counties ranked in the Top 30 in assets: Five County CU, with locations in Auburn, Lewiston and Lisbon, was eighth with $204 million in assets; Rainbow FCU, with locations in Lewiston, Auburn, Mechanic Falls and South Paris, was 11th at $167 million; Oxford FCU of Rumford and Norway was 17th with $134 million in assets; Otis FCU of Jay placed 18th with $125 million in assets; Maine Family FCU, which has offices in Auburn and Lewiston, was 21st with $116 million; Central Maine FCU of Lewiston was 27th at $85 million; and Lisbon Community FCU of Lisbon and Lewiston ranked 30th on the list with $77 million in assets.

“The popularity of Maine’s credit unions continues to grow as demonstrated by more consumers switching to credit unions. Relationships between existing members and their credit unions is also growing stronger. No longer are the benefits of using a credit union going unnoticed, as more consumers appreciate and recognize that credit unions are a great deal.

"From fewer and lower fees to better rates on savings and loans to nearly unparalleled access, Maine’s credit unions are delivering for Maine consumers and once again highlight the benefit and value of cooperatives,” remarked John Murphy, President of the Maine Credit Union League.

Murphy also said that convenience is also a factor in the growth of credit unions. “With the largest surcharge-free ATM Network in Maine, and a shared branch network that has nearly three times as many branches as any single bank in Maine, Maine credit unions are convenient and accessible for Maine consumers to conduct their financial transactions nearly anywhere and anytime.”

Other highlights from the mid-year statistics include tremendous growth in first mortgage originations with a 76.7% increase during the period and an increase in used auto loans with a 9.5% increase.

Formed in 1938, the Maine Credit Union League is the State Trade Association for Maine’s 62 credit unions and 624,000 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.