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Westerly Community Credit Union Reports a Profitable Year at Annual Meeting

The Westerly Community Credit Union held their 2014 Annual Meeting on Monday, March 31st at the Haversham House in Westerly, RI.  

Reports show that the Credit Union had a successful year. At year end, the Credit Union reported a net income of $1.07 million, a 510% increase over the previous year. Additionally during 2013 the Credit Union increased their year-end regulatory net worth ratio, a measure of safety and soundness, to 8.47% maintaining the Credit Union’s well-capitalized status. Total assets increased to $224.38 million, up 3.44%, member deposits increased to $199.62 million, up 4.74% and membership increased to 15,993, up 2.28%. Over the past fiscal year the Credit Union originated $56.98 million in new loans.  

Steve White, Westerly Community Credit Union President and CEO, reported that during 2013 the reintroduction of the Credit Union’s self managed VISA® Credit Card program had gotten off to a successful start during its first full year of production. As of year-end 2013 the Credit Union had issued 1,011 cards with credit limits totaling $7.62 million dollars to the membership. This very competitive program offers several card options which include Rewards, Low Rate, Business and Secured. During 2014, the Credit Union plans on enhancing the Rewards Card by allowing members the option of converting rewards points to cash in addition to the current CURewards® offerings.  

White also noted that the Credit Union stayed very involved in the local communities. The Credit Union’s primary focus was promoting financial literacy within the local school systems. The Credit Union sponsored the Save for America Program in 7 elementary schools with a total of 636 students participating. The program teaches elementary school students the importance of consistent savings. At the high school level and in conjunction with the General Treasurer’s office, the Credit Union sponsored the EverFi Financial Literacy program in 4 local high schools. This innovative learning method uses web-based online technology to teach young adults about personal finance. White reported that 401 students completed the program and were awarded certificates in 2013. An additional high school financial literacy initiative was their Third Annual CU for Reality Fair, which benefitted 194 students from the Westerly and Chariho High Schools. The Fair created an interactive teaching environment where the students worked with local business representatives and learned how to live on a budget while making real-life financial choices.  In 2014, the Credit Union plans to expand this program by offering it to Narragansett High School students for the first time.

"Financial literacy has been a major focus of our Credit Union for years. We hope to teach our young adults the importance of good financial management, so that they will have a financially secure adulthood," stated White.

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 the Credit Union’s Take the Challenge program has been very successful and is what sets the Credit Union apart from other local institutions. Horne emphasized that it was created to help each member achieve their personal definition of financial success. He reported that over 1,800 members have Taken the Challenge so far, and the Credit Union is proud to have played a role in their financial success.

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 2013.

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