The Maine Credit Union League said the state's 62 credit unionsposted strong growth trends in members, assets, savings and loansfor the first half of 2012.
|As of June 30, the combined assets at Maine's credit unions grewby $200 million to $5.87 billion, an increase of 4.1%. Loansoutstanding to members totaled $113 million in the first sixmonths, representing a 3.1% increase. Year-to-date loanoriginations also were up 37.3%, according the Portland-basedleague.
|What's more, theleague said Wednesday, savings rose by close to 5% with $232million in new deposits flowing into Maine credit unions.Membership showed a net gain of nearly 7,000 new members reflectingan increase of 1.1% in the first half of 2012.
|Maine's credit unions set a new record of total membership forthe seventh consecutive quarter ending June 30, according to theleague. Currently, there are nearly 624,000 credit union members inthe state.
|Other highlights from the mid-year statistics include stellargrowth in first mortgage originations with a 76.7% increase and a9.5% increase in used auto loans, the league said.
|“The popularity of Maine's credit unions continues to grow asdemonstrated by more consumers switching to credit unions,” saidJohn Murphy, president of the Maine Credit Union League.
|“Relationships between existing members and their credit unionsare also growing stronger,” Murphy said. “No longer are thebenefits of using a credit union going unnoticed, as more consumersappreciate and recognize that credit unions are a great deal.”
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