WESTERLY, R.I.–Westerly Community Credit Union held its annual meeting at Evie’s Restaurant.
The credit union said a brief review of the highlights from the year-end 2023 financial statements showed:
- Assets increased 3.52% to $468.68 million
- Member deposit balances increased 1.65% to $408.16 million
- Outstanding loan balances at year end were $369.65 million, an increase of 3.44%.
- Net income for the year was $1.66 million generating a return on average assets of 0.36% and a return on average equity of 4.09%.
- Membership increased by 1.68% to 22,813.
The credit union said its performance in 2023 was driven by steady loan demand resulting in the origination of $108.8 million in gross loans and lines of credit for the benefit of the members, of which $52.92 million was in consumer loans, $45.38 million was in real estate loans and $10.52 million in member business loans.
As a result of this activity, WCCU said it finished the year with a regulatory net worth ratio, a measure of safety and soundness, of 8.85% maintaining its well capitalized status.
President and CEO Stephen J. White hared operational highlights during 2023 that included the roll out of its new deposit account products, Advantage Money Market Account for both personal and business members, and the Diamond Savings account.
White also highlighted strides to provide better services to their members, including changes to their loan servicing processes which now allows the credit union to maintain the servicing on the majority of mortgages.
White also reported that as part of their “WCCU Cares” initiatives during 2023 the CU helped more than 142 organizations through donations, fundraising, and sponsorships. In addition, the board, supervisory committee members, and staff volunteered their time with 60 different organizations over the year.
During the past year WCCU continued their efforts to promote financial literacy in the communities they serve through multiple programs such as the Everfi Financial Literacy program sponsored by WCCU, which is being taught to over 644 students at the Westerly, Chariho, Exeter West Greenwich, Narragansett, and South Kingstown High Schools.
Additionally, WCCU is proud to sponsor Money Basics by URI which currently has over 719 users.
WCCU also conducted “CU4 Reality Financial Literacy Fairs” that teaches real-life based financial scenarios to 360 students from the Chariho, Narragansett and Westerly high schools.
Westerly Community Credit Union noted it celebrated its 75th anniversary in 2023 and has come a long way from 1948, when a group of individuals met in borrowed offices to pool their assets and form a member owned credit union.
Some of the celebratory highlights were: Quarterly product specials; a $750 quarterly raffle prize; Random Acts of Kindness with 480 ($10) Chamber gift cards given out to local businesses, police, fire departments, donation centers and people of the community; branch celebrations; and a “Trip of Your Dreams Giveaway”.
The credit union also donated $200,000 to Westerly Hospital in support of its 100th anniversary.
“This investment will help allow the hospital to improve the patient experience which includes the redesign of the current Emergency Department, creating a state-of-the-art imaging technology and facilities, additional growth and development of surgery services and more,” WCCU said.
In tradition, the Annual Holiday Basketball Tournament was held in December. WCCU donated $2,259 to each of the four participating high schools’ (Chariho, South Kingstown, Stonington, and Westerly) sports boosters’ organizations. This raises the total amount donated to participating high schools since 1984 to $276,072.