DEXTER – In 2010, more consumers continued to choose Maine’s credit unions for financial services as assets, savings, loans, and membership all reflected an increase, according to year-end statistics of Maine's 64 credit unions, as reported by the Maine Credit Union League.
Combined assets at Maine’s credit unions increased to $5.39 billion, an increase of 3.8%, loans grew 2.3% to nearly $83 million, savings increased 4.5% up over $206 million and membership grew 0.7% for a net gain of 4,115 members. Membership at Maine’s credit unions now stands at 610,720.
Locally, among all Maine credit unions, Maine Highlands FCU, which is based in Dexter and has branches in Brownville, Dover-Foxcroft, Greenville and Guilford, ranked #27; and Sebasticook Valley FCU, which is based in Pittsfield and has branches in Corrina and Newport, was #33 in year-end statistics for 2010.
John Murphy, President of the Maine Credit Union League, said that as Maine consumers strive for financial stability in a recovering economy, they can trust that credit unions will remain safe, strong and growing in the many ways they work to serve their members. “Now more than ever, Maine consumers can save on financial services thanks to lower fees and better rates on savings and loans offered by Maine’s credit unions. Maine credit unions have also demonstrated their commitment to helping members through tough times, from offering special loan programs to help with the high cost of heating their homes, to taking an active role in consumer protection and education efforts, making it all contributing factors why membership grew in 2010.”
Maine’s credit unions also increased accessibility in 2010, with nearly 215 ATM locations throughout Maine with the surcharge-free ATM network (SURF), and a shared branch network that enables credit union members to conduct most financial transactions at nearly 140 locations in Maine, more than two and a half times more than any other financial institution in Maine, as well as over 4,200 nationwide. In addition, Maine credit unions continued to offer consumers the latest technology including mobile banking, the ability for members to deposit checks at home and other tools and resources to meet their needs. “Using a Maine credit union has never been more convenient with enhanced access online, in-person and statewide,” Murphy added.
About the Maine Credit Union League: Formed in 1938, the Maine Credit Union League is the State Trade Association for Maine’s 64 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.
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