Membership, loans and deposits at Maine credit unions hit record numbers in 2016.
The popularity and usage of Maine’s 58 credit unions continued to surge in all categories, led by an increase of more than 18,000 new members in 2016, according to a news release issued Tuesday by the Maine Credit Union League. Total membership grew to nearly 686,000, it said.
For the 12-month period ending Dec. 31, combined assets grew by nearly $450 million to $7.28 billion – a record high.
Outstanding loans topped $5 billion for the first time ever, the report said. Lending increased by 9.6 percent in 2016 to end the year at $5.23 billion in loans.
Savings grew by more than $390 million in 2016, an increase of 6.8 percent, the report said. Total savings exceeded the $6 billion mark for the first time and ended the year at $6.2 billion.
Total credit union membership in Maine jumped by nearly 3 percent, or slightly more than 18,000 members, the second-highest percentage growth in the nation just behind Alaska, it said.
In the past three years, Maine credit unions have added about 50,000 new members.
J. Craig Anderson can be contacted at 791-6390 or at:
Twitter: jcraiganderson
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.