Maine credit unions perform well in ’06

Maine’s credit unions finished 2006 with solid increases in year-end statistics as reported by the Maine Credit Union League and its 70 affiliated credit unions.

The Maine Credit Union League compiled figures for 2006, which indicate that assets at Maine’s credit unions experienced solid growth and stand at $4.15 billion, an increase of 4.02 percent over 2005.

Loan amounts, which were steady throughout the year, grew by $113 million, totaling just more than $3 billion, an increase of 3.83 percent.

The growth of savings accounts outpaced the national trends with an increase of 3.72 percent for the year and currently total $3.4 billion.

Membership at Maine’s credit unions remains steady with more than 600,000 members, or approximately one in two Maine consumers across the state using a credit union. Nationally, Maine has been ranked as the fifth-strongest credit union state for the past six years, according to the Credit Union National Association and the National Credit Union Administration.

“Credit unions have a significant role in communities across Maine and in the lives of Maine consumers,” said John Murphy, president of the Maine Credit Union League. “Credit unions continue to serve the people of Maine well, whether it be offering low- or no-interest fuel loans as many credit unions are offering again this year, or an expanding shared branch network that provides members of participating credit unions an opportunity to conduct most financial transactions at nearly 45 locations in Maine and 2,400 nationwide.”

A recent, independent study conducted by Charles Lawton, senior economist with Planning Decisions and a former state economist, examined the economic benefits of credit unions to Maine consumers.

“As not-for-profit, financial cooperatives, Maine credit unions provide a significant benefit not only to members but also to Maine consumers because they provide a choice and consumers benefit from having choices,” Lawton wrote.

Formed in 1938, the Maine Credit Union League is the State Trade Association for Maine’s 70-affiliated credit unions 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.