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WCCU Reports a Profitable Year at Annual Meeting

The Westerly Community Credit Union held their 64th Annual Meeting on Monday, March 26th at the Venice Restaurant in Westerly, RI.

Reports show that the Credit Union had a successful year. At year end, the Credit Union reported net income from operations of $545,215 and net income of $92,946 after extra ordinary expenses incurred as result of the National Credit Union Administration’s assessment for the corporate credit union stabilization fund of $452,269. The previously mentioned mandated assessment is currently projected to reduce to approximately $185,000 during fiscal year 2012.

Other noteworthy items in the 2011 financial statements include the regulatory net worth ratio, a measurement of safety and soundness, increasing from 8.27% to 8.38% and an increase in member deposits to $184.22 million up 3.62%.

Over the past fiscal year the Credit Union originated $61.82 million in new loans to its members and will continue to be a local lending resource. Stephen J. White, President and CEO of the Westerly Community Credit Union, stated “I am also proud to report that the Loan Department, since the start of our modification program, has modified almost $2 million in residential real estate loans, allowing 11 member families to keep their homes.”

White reported that as a community credit union, their primary goal is to promote thrift and provide prudent credit to the residents and small businesses of the communities they serve. During 2011, the Westerly Community Credit Union took this further, by adding the additional goal of helping their members achieve financial success. White added, “In our efforts to reach this goal, we diligently have been training our staff to work more closely with our members through the ‘Take the Challenge’ program. This program allows the staff to work one-on-one with our members to determine their financial priorities and to suggest options to help them take control of their financial lives.” Because each member’s priorities are unique, the Credit Union has been developing savings and loan programs to help their members achieve their personal financial goals.

White also noted that the Credit Union is committed to supporting its friends and neighbors and setting an example as a good corporate citizen. In 2011, WCCU stayed very involved in the local communities by supporting over 125 local organizations through a variety of means including providing volunteers, conducting food drives, selling both paper hearts and Special Olympics medallions, teaching financial literacy, running seminars, and providing $89,946 in monetary donations.

It was stated that during 2011, the Credit Union periodically surveyed the membership as to the level of service it was receiving from the staff at the Credit Union’s four offices. On a scale of 1 to 7 with 7 being the highest possible score on their member satisfaction survey, the membership gave the staff very high marks with an overall composite score of 6.79 for the year.

William D. Horne, Chairperson of the Board, continued to acknowledge the Credit Union’s successful year, both financially as well as in the community. He stated, “We are very fortunate to have the leadership of our CEO, Steve White, and his senior management staff, who continue to make this institution successful in spite of this ‘Muddle-Through Economy.’ They are only able to achieve this success with the aid of a very capable staff, who are always willing to go the extra mile to meet any objective.”

The meeting concluded with congratulations to the Board of Directors, Stephen J. White, CEO and President of the Credit Union, and the staff for a job well done in 2011. The Credit Union was listed as in excellent financial health and anticipates a solid financial performance during 2012.

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