Significant growth observed at County Federal Credit Union

     According to banking officials, The County Federal Credit Union, headquartered in Caribou, has demonstrated significant growth over the first six months of 2009. Total shares have grown from $96,939,812 at the end of December 2008 to $104,338,021 at the end of June 2009.  This represents an increase of $7,398,209 or 7.63 percent. Loans have increased $1,675,522 or 2.1perent from $79,551,015 to $81,226,537 over the same time period.  Total asset size rose from $108,929,300 at the end of December 2008 to $116,973,238 at the end of June 2009.  This represents an increase of $8,043,939 or 7.38 percent for six months. During this same time period, membership grew from 12,876 to 13,043 or 167 members.     The County Federal Credit Union, serving 22 communities within Aroostook County, lists as the 17th largest credit union in the State of Maine at the end of June 2009, based on total asset size. According to Ken Hensler, president and CEO of credit union, “Much of our success can be directly attributed to the inherent needs of the local community. When things get a little tough for people, they have a tendency to look locally for any services that they need. People want to do business with someone that they are familiar with and can rely on. The County Federal Credit Union is just what they are looking for in their financial institution.”
    The County Federal Credit Union represents the increasing popularity of using the local credit union.  According to the Maine Credit Union League, in the first six months of 2009, statistics indicate that Maine credit unions are more popular than ever for financial services.
    John Murphy, president of the Maine Credit Union League, called the statistics “validation of the positive impact and leadership role of credit unions during this difficult economic period. “As we move forward and begin to emerge from this recession, Maine’s credit unions are well-positioned as sound financial institutions that will be remembered for developing a number of creative programs to provide valuable assistance to members during a period of great need.”
    Murphy also added, “Credit unions will be an important participant in the new economy offering consumers a full menu of the latest technology-based products available, the convenience of shared branching, a surcharge-free ATM network along with a comprehensive offering of consumer, mortgage and small business loans and related services. In an age when consumers are looking for more value, whether it’s shopping for groceries or shopping for financial services, Maine credit unions provide a great value in the form of lower fees and better rates on savings and loan products. A recent study, which found that Maine consumers saved $73 million last year by using a credit union, underscores the value of using a credit union.”
    Nationally, Maine has been ranked the fifth strongest credit union state for the past seven years.