and is expected to hit or pass an annualized rate of 30% through years end according to Luke Labbe, President. Additionally, growth in their Visa program could hit 50%. “These are numbers everyone needs to hear about, especially considering consumers think lenders aren’t lending,” states Labbe, “and we still have plenty of money to lend.”
According to the Maine Credit Union League, the state trade association for Maine's credit unions, PeoplesChoice Credit Union's statistics are even extraordinary in today's environment in which credit unions have become even more popular with consumers. John Murphy, President of the Maine Credit Union League, explained, "During the past two years, Maine credit unions have been one of the only positive stories in the financial services marketplace with significant growth in assets, loans, savings and members, as a result of consumers seeking an alternative to other financial institutions."
The rise of credit unions is due in part to an issue of trust. Consumers have lost trust in the big banks and so are turning to credit unions in record numbers. The results of a new, national study by Mintel on consumer trust of financial institutions confirms that 57% of credit union members trust their credit union compared to only 36% of big bank customers. The study also found that ten percent of participants in the survey also switched their primary accounts to credit unions from banks in the past year.
About PeoplesChoice Credit Union Founded in 1963, PeoplesChoice Credit Union is a leading Maine credit union proudly serving over 14,000 members and holds $121 million in assets. Membership eligibility includes anyone who lives, works or attends school in York and Cumberland County. As a cooperative, not-for-profit financial institution, PeoplesChoice Credit Union emphasizes returning value to members in the form of attractive rates, low or no fees for many products and state-of-the-art electronic delivery systems. PeoplesChoice Credit Union has five locations in Biddeford, Saco, Sanford, and Wells and is also a part of a shared branch network in Maine with over 120 locations.To learn more or to become a member visit
www.peopleschoiceme.org <http://www.peopleschoiceme.org/>
