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Westerly Community Credit Union Reports a Profitable Year at Annual Meeting

The Westerly Community Credit Union held their 2015 Annual Meeting on Monday, March 30th at the Haversham House in Westerly, RI.  

Reports show that the Credit Union had a successful year. At year end, the Credit Union reported a net income of $1.39 million, a 29.34% increase over the previous year. Additionally during 2014 the Credit Union increased their year-end regulatory net worth ratio, a measure of safety and soundness, increasing to 8.96% maintaining the Credit Union’s well-capitalized status. Total assets increased to $227.61 million, up 1.44%, member deposits increased to $200.65 million, up 0.51% and membership increased to 16,323, up 2.06%. Over the past fiscal year the Credit Union originated $45.01 million in new loans.  

Steve White, Westerly Community Credit Union President and CEO, reported that during 2014 the Credit Union’s self managed VISA® Credit Card program did well issuing 469 new cards with available limits totaling $3.05 million. This very competitive program offers several card options, which include Rewards, Low Rate, Business and Secured Platinum VISA® Credit Cards. In June of 2014, the Credit Union expanded its Rewards Card by offering cash back rewards in addition to airline travel and merchandise. Once members redeem their points for cash, it can be used to pay their bill, transferred into a deposit account, or donated to charity. Continuing to enhance the program, as of January 15, 2015, members who use their Rewards or Business Credit Cards while shopping locally in Washington and New London County will receive double rewards points on all purchases. 

White also noted that the Credit Union stayed very involved in the local communities. The Credit Union’s primary focus was promoting financial literacy within the local school systems. As of year-end the Credit Union was providing financial literacy support to 14 different schools located within five area school districts. This support was in addition to the over $113,000 in direct donations and sponsorships for local community organizations.   

William D. Horne, Chairperson of the Board, continued to acknowledge the Credit Union’s successful year both financially and in the community. He stated that this success hinged on many factors including the senior management team, middle management, staff, strong relationships with members, the Board of Directors and Supervisory Committee.  Horne closed his comments by thanking Gerry Gleason who retired from the Board following the meeting after 13 years saying, "The guidance and contributions he has made over the past 13 years while serving on the Board and various committees has been invaluable. He has been an integral part of our Investment in Youth, Scholarship and Nominating Committees, as well as our Annual Holiday Basketball Tournament. As a former educator, Gerry has been able to provide a perspective that has helped encourage and emphasize the importance of youth in our community. Our thanks to him for his commitment to representing you, the members of this institution."

The meeting concluded with congratulations to the Board of Directors and Supervisory Committee, Stephen J. White, President and CEO of the Credit Union, and the staff for a job well done in 2014.

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