WESTBROOK – Maine’s credit unions reported a robust first half of the year, exceeding national averages in assets and shares, while lagging in loans.

“I feel very good about where we are today and how we can perform in the next 12 months,” said John Murphy, president of the Maine Credit Union League, which represents 67 credit unions around the state.

Maine’s credit unions increased assets by an average of 5.17 percent, while nationally, credit unions saw a 4.4 percent increase for the first six months of 2007. Savings at Maine credit unions also outpaced the national average, coming in at 5.87 percent versus 4.7 percent.

The national average for loans grew by 2.9 percent, while Maine registered 1.58 percent over the same period. Murphy noted the loan activity lagged slightly behind the national average, but was still $50 million ahead of where it was at the end of 2006.

“I’m not concerned,” said Murphy, noting the national figures reflect cities like New York where there’s tremendous loan activity. “Lending here remains strong.”

Based on assets, several local credit unions rank in the top 25, including Rainbow in Lewiston (ninth); Oxford in Mexico (13th); Otis in Jay (18th); Maine Family in Lewiston (19th) and Central Maine, also in Lewiston (24th).

Murphy said he expects to see credit union membership grow, as word of its advantages spreads. A shared branch network has grown to 65 Maine locations, which allows credit union members to conduct most transactions at any participating credit union. And an independent consultant hired last year by the league determined that credit union members in Maine saved $40 million in things like fees and interest rates on loans and dividends versus conventional banks.

Membership in Maine’s credit unions has remained steady at about 600,000, Murphy said. According to the state’s Bureau of Financial Institutions, credit unions represent about 20 percent of the state’s asset base, 15 percent of deposits and 14 percent of loans.

– Carol Coultas