Credit unions popular with millennials, says Maine trade association head
Photo / Tim Greenway
John Murphy will retire as president of the Maine Credit Union League after seeing membership at credit unions grow by 70,000 in the last five years alone.
Millennials are responding “in very good numbers” to credit unions, the outgoing president and CEO of the Maine Credit Union League told Mainebiz.
“If you look at that age group, and the reasons for credit unions today, they are a very good match,” John Murphy said in an On the Record interview published in the April 18 print edition and online.
“Millennials are responding in very good numbers, not only taking advantage of the technology credit unions have to offer whether mobile or home banking, but they also like to go into branches for specific purposes,” he said.
Murphy, who will soon retire from the post he has held for nearly 25 years, spoke with Mainebiz before passing the baton to Todd Mason, who is due to join the Westbrook-based trade association later this month.
The league’s latest tally shows a 6.5% rise in assets at Maine’s 58 credit unions in 2016, to $6.3 billion. Over the same period, membership increased by 2.8% to 685,926 and loans jumped 9.6%, to $5.2 billion.
Asked about the lending gains, Murphy noted that credit unions are helping to fill a void in lending to small businesses left by a number of traditional lenders.
He also expects the merger momentum among credit unions to remain strong, saying, “Mergers have always been part of the business, and that will continue to be the case.”
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