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Westerly Community Credit Union Reports a Profitable Year at Annual Meeting

The Westerly Community Credit Union held their 2018 Annual Meeting on Monday, March 26th at the Haversham House in Westerly, RI.  

Reports show that the Credit Union had a successful year. A brief review of the year-end 2017 financial statements shows the following: assets increased 7.43% to $271.13 million, share and deposit balances increased 6.67% to $239.36 million, outstanding loan balances increased 7.25% to $237.31 million, and net income increased 15.12% to $1.71 million.    

Other performance highlights from 2017 include net membership up 3.59% to 18,056 and gross loan originations for the year of $84.02 million dollars of which $25.39 million was in residential first mortgage loans. Additionally, WCCU members as of year-end, had assets under management with the Members Financial Services Program totaling $74.85 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 2017 was driven by strong loan demand and steady membership growth. The continuing solid financial results allowed the Board to approve reduced fees and service charges in the fourth quarter of 2017 which is expected to save the membership approximately $85,000 over a twelve-month period. When coupled with the fee reductions instituted the previous year, total savings to the membership is expected to be in excess of $135,000 on an annualized basis.  

White stated that even though the 2017 numbers were good, he was most proud of the things that do not necessarily show up directly on the balance sheet. In 2017 WCCU was named “#1 Best Bank” for the second year in a row by the Sun Media Group’s Second Annual Readers’ Choice Awards. White also proudly displayed WCCU’s most recent award of “Best Employer” which he received on behalf of WCCU at the Southern Rhode Island Chamber’s 2018 Chamber Choice Awards Ceremony.  White said, 

“I know that great businesses succeed because of the quality of the people who work for them, not by the buildings they own. Knowing we treat our best assets well, means we are succeeding to the highest degree possible."

White transitioned his excitement for WCCU’s most recent award into encouraging words of thanks for WCCU’s Board Chairperson William D. Horne. Horne retired as Board of Directors Chairperson, after serving on the Board of Directors since 1994, and as Chairperson on the Board since 2002. He previously held the positions of 1st Vice Chairperson in 2000-2001, Supervisory Committee (1993), and Credit Committee (1992). White thanked him for his mentorship, friendship, and years of service to the membership. Steven W. Scales, WCCU Board 2nd Vice Chair, presented Horne with Citations from the Rhode Island State Senate, including Senator Dennis Algiere and the Rhode Island House of Representatives, including Representative Brian Patrick Kennedy and Sam Azzinaro.  

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 2017.

About Westerly Community Credit Union: Established in 1948, Westerly Community Credit Union is a local, full–service financial institution, focused not on profits, but on helping its members achieve financial success. It currently serves over 18,000 members with lending and deposit products through their convenient locations in South Kingstown (South County Commons), Richmond, Westerly, as well as online via www.westerlyccu.com. Membership is open to all who reside or work in RI & New London County, CT. Westerly Community Credit Union was awarded 1st place as the fastest-growing and most innovative company in the State of RI by the Providence Business News in 2015, #1 Best Bank in the Westerly Sun’s 2016 and 2017 Readers’ Choice Awards, as well as Best Employer by the Southern RI Chamber of Commerce 2018 Chamber Choice Awards.

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