Aroostook credit unions rank among leaders in assets

    The Maine Credit Union League’s year-end statistics indicate that not only is the Maine credit union system strong but its getting stronger. The League’s statistics reflect vibrant and impressive growth by Maine credit unions in 2009.
    For credit unions with ties to Aroostook County, three were in the top 25 for asset size and reported strong growth: Madawaska-based NorState FCU was 12th at $134 million (6 percent growth); Caribou-based The County FCU was 15th with $124 million (15 percent growth); and Fort Kent-based Acadia FCU was 24th in asset size at $82 million (5 percent growth).  
    Year-end stats show that total assets grew 9 percent during 2009, as combined assets at Maine credit unions topped $5 billion during the past year. Loan growth also remained positive in 2009 as loans grew by more than $106 million or 3 percent for the year, while shares increased by 11 percent or $450 million, nearly double 2008’s growth. Membership at Maine credit unions experienced a positive gain of 5,296 members or 1 percent.
    John Murphy, president of the Maine Credit Union League, called the year-end statistics “even more impressive in light of the reports from others in the financial services industry. Despite a challenging economy and a continued environment of uncertainty in the financial services industry, the performance of Maine’s credit unions validates the high level of satisfaction credit unions have amongst existing members as well as becoming the preferred option for many consumers seeking new financial services relationships.”
    “The increased awareness of the value and benefits that Maine’s credit unions offer provide plenty of reasons to be optimistic about the opportunities that exist for Maine’s credit unions in the year ahead,”  he added.