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Westerly Community Credit Union Reports a Profitable Year at Annual Meeting

The Westerly Community Credit Union held their 65th Annual Meeting on Monday, March 25th at the Haversham House in Westerly, RI. 

Reports show that the Credit Union had a successful year. At year end, the Credit Union reported net income from operations of $388,030 and net income of $210,381 after extra ordinary expenses. Additionally the Credit Union during 2012 prudently increased its reserves for potential loan losses from $501,000 to $1.24 million while reducing loan delinquency from $4.43 million to $2.11 million dollars. 

Other noteworthy items in the 2012 financial statements include a year-end regulatory net worth ratio, a measure of safety and soundness of 8.28% indicating the Credit Union’s well capitalized status. Total assets increased to $216.66 million, up 2.90%, member deposits increased to $190.16 million, up 3.23% and membership increased to 15,637, up 2.30%. Over the past fiscal year the Credit Union originated $66.39 million in new loans for its members raising outstanding year-end loan balances to $186.26 million dollars, an increase of 7.85% over the previous year.

White reported during 2012, the Westerly Community Credit Union had continued success in striving to achieve their primary goal of “Helping [their] members achieve financial success.” In their efforts to achieve this goal, WCCU’s staff has been working more closely with their members through the Take the Challenge program. Since its inception in 2011, over 1000 members have Taken the Challenge and worked with Credit Union staff to help identify their financial priorities and develop a plan to achieve them. White stated, “This program is based on doing what is right by the member and is what makes this financial institution unique in the marketplace. I am very proud of the efforts of our staff and the results to date for the program! The fact that members are now beginning to refer family and friends to participate in the Take the Challenge program only goes to confirm my conviction about the importance of this type of program in peoples’ lives.”

White also noted that the Credit Union stayed very involved in the local communities, supporting many local organizations through a variety of means including: providing volunteers, conducting food drives, selling medallions, teaching & sponsoring financial literacy programs in the local schools, serving on nonprofit boards, and providing $111,478 in monetary donations.

The report also included feedback White received from the membership throughout 2012. Member Satisfaction survey results have shown that the membership scored WCCU’s staff and services a 6.81 (on a scale of 1 to 7- with 7 being the highest possible score). This will mark the 6th year in a row that WCCU’s score has been in the high 6 range, as well as the highest score to date.

William D. Horne, Chairperson of the Board, continued to acknowledge the Credit Union’s successful year, both financially as well as in the community. He stated that one of WCCU’s most successful initiatives of 2012 was the reinstitution of their credit card program. He also described the successful expansion of WCCU’s high school programs thru their sponsorship of the RI Financial Scholars Everfi Program in several local high schools, as well an additional vocational scholarship which has been added to their current program for students who may not have been recognized by traditional scholarships.

The meeting concluded with congratulations to the Board of Directors and Supervisory Committee, Stephen J. White, CEO and President of the Credit Union, and the staff for a job well done in 2012.

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