Westerly Community Credit Union Reports a Profitable Year at Annual Meeting
The Westerly Community Credit Union held their 2019 Annual Meeting on Monday, March 25th at the Haversham House in Westerly, RI.
Reports show that the Credit Union had a successful year. A brief review of the year-end 2018 financial statements show the following: assets increased 8.92% to $295.30 million, member deposit balances increased 9.51% to $262.11 million, outstanding loan balances increased 9% to $258.68 million, and net income increased 23% to $2.11 million.
Other performance highlights from 2018 include solid membership growth of 3.49% and good loan origination production totaling $78.34 million dollars. Of that $78.34 million dollars, $16.51 million was in residential first mortgage loans. As a result of this activity, the Credit Union finished the year with a regulatory net worth ratio, a measure of safety and soundness, of 9.12% maintaining its “Well Capitalized” status. Stephen J. White, Westerly Community Credit Union President and CEO, reported that the Credit Union's solid financial results allowed the Board to approve reductions to the Credit Union’s schedule of service charges saving members over $95,000 in fees during fiscal year 2018.
White stated that WCCU cares about the members. The Credit Union provides products and services specifically designed to help members successfully manage their finances. Some of these include WCCU’s “Take the Challenge” program, College Refinance Loan, Flex Equity Line of Credit and #Goals Savings Account. He also noted that WCCU cares about the communities they serve. As part of their “WCCU Cares” initiative, in 2018 the Credit Union provided over $148,988 in financial support to charities and nonprofit organizations within those communities. White said, “Beyond the financial support provided, I am most proud of how our Board and staff live our ‘WCCU Cares’ mantra by volunteering in the community. Over the past year 54 WCCU staff members volunteered their time to help support over 80 organizations and causes.”
White reported that their 27,000 square foot Operations Center and Branch located at 4979 Tower Hill Rd. in Wakefield was successfully completed and will provide the space necessary to support its expanding presence and growing membership throughout southern Rhode Island for years to come. He also stated that in the future the Credit Union will be making major investments to upgrade their mobile and online banking platforms to provide the membership with as good of an experience online as they receive when they visit one of their branches and they will also be reviewing cost effective ways to offer additional access to the Credit Union ensuring they are available to meet the needs of the membership at the times that are most convenient to them.
Danny M. Nesmith, Chairperson of the Board, continued to acknowledge the Credit Union’s successful year both financially and in the community. Nesmith recognized the awards the Credit Union received throughout 2018 including the Excellence in Social Responsibility Award 2018, Cooperative Credit Union Association; Best Places to Work 2018, Providence Business News and Best Employer, Southern Rhode Island Chamber of Commerce 2018 Chamber Choice Award. He also stated the Credit Union continues to impact the community by promoting financial literacy within the local schools by offering the Save for America School Banking program, EverFi online Financial Literacy program, Cemark, and the CU 4 Reality Financial Literacy Fairs. The Credit Union also awarded 17 grants totaling over $7,500 to teachers to be used for projects which extend outside of the existing school funded curriculum and four $1,000 scholarships to deserving graduating high school seniors.
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 2018.