Westerly Community Credit Union Reports a Profitable Year at Annual Meeting
The Westerly Community Credit Union held their 2017 Annual Meeting on Monday, March 27th at the Haversham House in Westerly, RI.
Reports show that the Credit Union had a successful year. A brief review of the year-end 2016 financial statements shows the following: assets increased 7.54% to $252.37 million, share and deposit balances increased 7.30% to $224.40 million, outstanding loan balances increased 10.50% to $221.27 million, and net income increased 23% to $1.49 million.
Other performance highlights from 2016 include net membership up 3.55% to 17,431 and gross loan originations up 11.73% to $82.10 million dollars. Of that $82.10 million dollars, $29.56 million was in residential first mortgage loans. Additionally, WCCU members increased assets under management with the Members Financial Services Program from $68.05 million to $73.60 million. Finally, the Credit Union finished the year with a regulatory net worth ratio, a measure of safety and soundness, of 9.15% maintaining its “Well Capitalized” status.
Steve White, Westerly Community Credit Union President and CEO, reported that the Credit Union's solid performance in 2016 was driven by strong loan demand and steady membership growth. The continued solid financial results allowed the Board to approve reducing service charges saving the membership approximately $51,000 over a twelve month period. During the 2017 fiscal year, the Board will continue to review possible service charge reductions, ensuring that members continue to benefit from the Credit Union's growth.
White reported that the Credit Union cares about its members and community. As part of their "WCCU Cares" initiative, the Credit Union provided over $140,000 in financial support to organizations in the communities they serve. The Credit Union's primary focus in the community continues to be promoting financial literacy within the local school systems. As of year-end, the Credit Union was providing financial literacy support to 18 different schools located within five area school districts.
White discussed the Credit Union's growth not only in numbers, but also in square footage. "Looking ahead to 2017, the Credit Union will begin construction on a new Operations Center and Branch on Tower Hill Road in Wakefield, Rhode Island," stated White. "The state-of-the-art facility will be the new home for both our existing South Kingstown Branch Office and Ashaway Operations Center staff." Completion is expected during first quarter 2018.
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 the achievement he was most proud of was being voted "#1 Best Bank" by the Sun Media Group's First Annual Readers' Choice Awards. "Our front line staff, including our tellers and member service representatives, get the accolades and spotlight for this award," stated Horne. "It is through their knowledge, friendliness and dedication that we earned this dedication and they are to be congratulated."
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 2016.