Two Aroostook County credit unions ranked in top 20 for assets

16 years ago

    Last Year proved to be another strong year for the growth of Maine’s credit unions, with assets, shares (savings) and loans all showing significant increases in 2008, according to year-end statistics reported to the Maine Credit Union League by its member credit unions.     Two Aroostook County credit unions were ranked in the Top 20 in asset size. Madawaska-based NorState FCU, which also has branches in Ashland, Eagle Lake, Fort Kent and Van Buren, was ranked 13; and Caribou-based The County FCU, which also has branches in Fort Fairfield and Presque Isle, was listed at 17.
    Asset growth for 2008 was 7.72 percent, compared to 6 percent in 2007, putting Maine credit unions on track to top $5 billion in assets later this year. Loans increased over $163 million or 5.13 percent for the period, and shares (savings) grew 6.11 percent, figures consistent with national trends. Credit union membership remained stable during 2008 at approximately 600,000 members. Nationally, Maine has been ranked as the fifth strongest credit union state for the past seven years.  
     John Murphy, president of the Maine Credit Union League, said that in difficult economic times, Maine consumers 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 dividends and loans offered by Maine’s credit unions. A recent study showed that Maine consumers can save $73 million each year by using a credit union. And, when members use a Maine credit union, they not only receive a great value but also piece of mind knowing that Maine credit unions adhere to responsible lending practices and provide sound financial services. Maine credit unions are a strong (and increasingly popular) option for consumers to use in today’s uncertain environment,” said Murphy.  
     Beyond security, Maine credit unions offer more combined locations across Maine than any other financial institution, a surcharge-free ATM network (SurF) that has grown to nearly 200 locations statewide and a shared branch network that enables credit union members to conduct most financial transactions at almost 100 locations in Maine as well as over 3,500 nationwide.
     Formed in 1938, the Maine Credit Union League is the State Trade Association for Maine’s 66-member 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.