By Lisa Wilcox
Staff Writer
CARIBOU — According to mid-year statistics from the Maine Credit Union League, Maine consumers continued to embrace credit unions for financial services in significant numbers during the first six months of 2012. From January through June, Maine’s 62 credit unions experienced robust growth in all measurement categories, including members, assets, savings and loans.
As of June 30, 2012, combined assets in Maine’s credit unions grew by $200 million to $5.87 billion, an increase of 4.1 percent. Loans outstanding to members increased by $113 million in the first six months, representing an impressive 3.1 percent increase. Year-to-date loan originations were up 37.3 percent over the same period a year ago. During the same time, savings rose by close to 5 percent with $232 million in new deposits flowing into Maine credit unions. Membership showed a net gain of nearly 7,000 new members, reflecting an increase of 1.1percent.
Membership at Maine’s credit unions set a new record for the seventh consecutive quarter and continues to build on its highest total ever with membership now standing at nearly 624,000 members statewide.
Through the first six months of 2012, four credit unions with branches in Aroostook County ranked in the top 25 in assets. University Credit Union, which has a branch in Presque Isle, was seventh with $210 million in assets. The County Federal Credit Union, with locations in Caribou, Fort Fairfield, Houlton and Presque Isle, was 10th with $176 million in assets. NorState Federal Credit Union of Madawaska, Fort Kent, Presque Isle, Ashland, Eagle Lake and Van Buren, was 13th with $153 million. And Acadia Federal Credit Union with locations in Fort Kent, Madawaska, St. Agatha and St. Francis, came in 22nd with $115 million.
Kenneth Hensler, CFCU’s CEO, advised that his institution always ranks well, usually hovering in the top 15. Hensler was pleased with the boost in ranking, crediting the bank’s reputation for excellent customer service as the main reason.
“We are member-friendly,” Hensler explained, “both on the loan side and deposit side. Our service level is elevated quite high. We have always been service driven. People appreciate that. They are comfortable with their accounts and talk about it to their friends, bringing in more members.”
Hensler also cited the current frame of mind of consumers in today’s economy.
“A lot of it has to do with confidence in local credit unions. Today there are so many uncertainties. The stock market is performing well, but there is safety in local,” Hensler pointed out, adding, “A lot of people are entering retirement age when savings becomes so important. That comes into play as well.”
The 2011 addition of a new branch in Houlton also helped move the bank into the top 10, according to Hensler. He reported that Houlton is performing exceptionally well and a new building is being constructed between Irving and Ivy’s Hotel. It is expected to be completed by late December. Currently CFCU is the only credit union in Houlton.
Other highlights from the Maine Credit Union League’s mid-year statistics include tremendous growth in first mortgage originations with a 76.7 percent increase during the period and an increase in used auto loans with a 9.5 percent increase.
