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October 16, 2017

Maine credit union assets up 4.2% in the first half to $7.6B

Maine credit union assets, membership and deposits all recorded growth in the first half of the year, according to the latest mid-year report covering the six-month period through June 30.

Combined assets rose 4.2% over a year ago to nearly $7.6 billion, while outstanding loans jumped by 9.1% year-on-year to $5.42 billion.

Deposits also grew at a healthy clip, increasing by nearly $300 million in six months to $6.5 billion overall.

And with the addition of 8,500 new members since the start of the year, membership in Maine credit union is now at a record 694,286.

"The popularity and, more importantly, usage of credit unions in Maine continues to grow," Todd Mason, president of the Maine Credit Union League, said in a press release. "With more Maine consumers taking advantage of the local, cooperative structure of credit unions to access credit, the economic benefit is not only positive for members but for communities, too."

The Maine Credit Union League, founded in 1938, is the state trade association for 57 credit unions and nearly 695,000 individual members.

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