The Westerly Community Credit Union held their 2016 Annual Meeting on Monday, March 28th 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 $1.21 million. Additionally during 2015 the Credit Union increased their year-end regulatory net worth ratio, a measure of safety and soundness, increasing to 9.21% maintaining the Credit Union’s well-capitalized status. Total assets increased to $234.67 million, up 3.10%, member deposits increased to $209.13 million, up 4.23% and membership increased to 16,834, up 3.02%. Over the past fiscal year the Credit Union originated $73.48 million in new loans and gross lines of credit, an increase of 57.24% over the previous year for the benefit of its members. It was additionally noted that as of year-end 2015, the Credit Union for the first time in its history eclipsed the $200.00 million mark in outstanding loan balances.
Steve White, Westerly Community Credit Union President and CEO, reported that while the Credit Union's overall lending performance was very good in 2015, management was exceptionally pleased with the results in the area of First Mortgage Lending. "The Credit Union worked on behalf of its members to originate 113 full documentation first mortgage loans during the year totaling $24.81 million, a 130% increase over 2014. Of that total, $12.10 million was for home purchase," stated White. "Going forward the Credit Union is committed to being a leading resource in residential real estate lending in Southern Rhode Island and New London County, CT."
The Credit Union continued to invest in technology on behalf of its members. Over the past year the Credit Union began issuing EMV chip cards to all members in their credit card program to help protect them from the ever growing problem of plastic card fraud. White announced that in the first half of 2016, all members with a debit card will be issued a replacement featuring this new EMV chip technology. WCCU will be one of the first community institutions to offer this technology on its debit card in the local market. Additionally, in a continued effort to provide their members with easy, convenient and secure online services, they have added “Remote Deposit” to their mobile banking application. Now members can deposit checks directly to their account using their iPhone®, iPad® or Android™ device.Go to main navigation