Westerly Community Credit Union Achieves Asset and Loan Origination Milestones in 2019
The Westerly Community Credit Union held their 2020 Annual Meeting on Monday, March 30th remotely via Zoom.
Reports show that the Credit Union had a successful year. A brief review of the year-end 2019 financial statements show the following: assets increased 10.65% to $326.74 million, member deposit balances increased 9.02% to $285.75 million, outstanding loan balances increased 10.54% to $285.93 million, and net income increased 15.74% to $2.43 million.
For the first time in Westerly Community Credit Union’s history, they successfully eclipsed $300 million in assets and surpassed $100 million dollars in loan origination. Of that $100.21 million dollars in loan originations, $28.21 million was in residential first mortgage loans and $11.24 million in member business loans. Another performance highlight of 2019 includes 3.69% in solid membership growth. 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 8.97% maintaining its “Well Capitalized” status and earning an “Exceptional” 5-Star rating from BauerFinancial, Inc. (a source for unbiased, independent bank and credit union star-ratings reflecting the overall strength of the institution).
Stephen J. White, Westerly Community Credit Union President and CEO, reported that WCCU cares about their members. In addition to providing products and services specifically designed to help members successfully manage their finances, he reported they helped over 150 organizations in communities they serve through donations, fundraising, sponsorships and volunteerism. White stated, “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 80% of our WCCU staff members volunteered their time to help support over 150 organizations.”
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 Credit Union’s support and continued encouragement of financial literacy within the local schools by offering the Money Mammals® Kids Club, EverFi online Financial Literacy program, Cemark, and the CU 4 Reality Financial Literacy Fairs. The Credit Union also awarded 18 grants totaling over $7,700 to teachers in Chariho, Exeter-West Greenwich, Narragansett, North Stonington, South Kingstown, Stonington and Westerly School Districts to be used for projects which extend outside of the existing school funded curriculum. They also awarded four $1,000 scholarships and sponsored an additional $500 Cooperative Credit Union Scholarship which were presented to deserving graduating high school seniors. Nesmith reported after twenty-three rewarding years serving on the board, his time as Chairperson would expire following the meeting. He also recognized and thanked Director Ruth Foster-Morgan for her nineteen years of service, as her time also expired following the meeting.
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 2019.
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 19,500 members with lending and deposit products through their convenient locations in Wakefield, Richmond, Westerly, as well as online via www.westerlyccu.com. Recent WCCU awards: #1 Best Bank in the Westerly Sun’s 2016, 2017, 2019 Readers’ Choice Awards, Best Employer (2018) and “Spreadin’ the Love” (2019) community service awards by the Southern RI Chamber of Commerce, as well as PBN Providence Business News Best Places to Work 2018-2019.