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Credit union reports continued asset growth

MADAWASKA, Maine — Officials at NorState Federal Credit Union recently announced that year-end stats for 2018 showed the credit union finishing the year strong, as the third largest credit union within its peer group in the $100 million and $200 million in assets in Maine.

Susan G. Whitehead, president and CEO of NorState FCU, said, “While it is gratifying to see our membership continue to grow steadily, the loan growth indicates that we were able to assist more members with their financial needs, which is most important. I am pleased to see how engagement and satisfaction with our products and services from our members show steady growth over the previous year.”

As of Dec. 31, 2018, the credit union reported 14,186 members, an increase of more than 288 members over the previous year. In addition to membership, the credit union finished the year with $157 million in outstanding loans while deposits grew by $2 million, and assets totaling over $187 million, ranking it 16th out of 44 credit unions in Maine.

“Our mobile app and our online banking are highly rated in the financial services industry based on feedback from our members, while our Facebook page grew in popularity and our caring community spirit is widely recognized throughout our field of membership,” said Whitehead.

Whitehead also added that 2018 marked the first full year of offering the online membership account opening feature, as well as Docusign, an electronic signature software that allows members with busy lifestyles to apply for loans, membership and sign important documents in the day-to-day business of financial institutions.

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