November 15, 2024
Business

Credit union grow thin Maine beats average

WESTBROOK – During the first six months of 2007, assets and savings at Maine’s credit unions exceeded national growth figures, according to the Maine Credit Union League.

Of credit unions in eastern and northern Maine placing in the top 25 by asset size, Hampden-based Maine Savings Federal Credit Union ranked third, Orono-based University Credit Union was fifth, Madawaska-based NorState Federal Credit Union was No. 14, Caribou-based The County Federal Credit Union was No. 17, Bucksport-based Seaboard Federal Credit Union was No. 21, Bangor-based Bangor Federal Credit Union was No. 22, Fort Kent-based Acadia Federal Credit Union was No. 23 and Millinocket-based Katahdin Federal Credit Union was No. 25.

For the period of January to June 2007, statistics collected for Maine’s credit unions revealed that assets increased 5.17 percent to $4.36 billion, compared with national growth of 4.4 percent for the same period, while shares, or savings, grew by 5.87 percent and now total more than $3.68 billion, in contrast to national growth of 4.7 percent.

Loans grew by 1.58 percent for the first six months of the year, slightly below the national average of 2.9 percent but still an increase of $50 million from year-end 2006 statistics. Membership at Maine’s credit unions stayed consistent at 600,000 members. Nationally, Maine has been ranked as the fifth-strongest credit union state for the past six years.


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