October 13, 2016

Maine's credit unions set membership, asset records

It's been a record year for Maine credit unions, as the Maine Credit Union League reported that the combined assets of the financial institutions reached an all-time high of $7.04 billion during the first half of 2016.

But the good news doesn't stop there, as membership growth at Maine credit unions was among the fastest in the entire country, growing nearly 1.8%, or 12,000 members over the six-month period, to a new total membership record of 679,405 members.

"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," John Murphy, Maine Credit Union League president, said in a release.

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