WESTERLY — The Westerly Community Credit Union held their 2020 annual meeting in March remotely via Zoom.
Year-end 2019 financial statements show the following: assets increased 10.65 percent to $326.74 million, member deposit balances increased 9.02 percent to $285.75 million, outstanding loan balances increased 10.54 percent to $285.93 million, and net income increased 15.74 percent to $2.43 million.
For the first time in Westerly Community Credit Union’s history, they surpassed $300 million in assets and $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 percent 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 percent maintaining its “Well Capitalized” status and earning an “Exceptional” 5-Star rating from BauerFinancial, Inc.
Stephen J. White, Westerly Community Credit Union president and CEO, reported that in addition to providing products and services specifically designed to help members successfully manage their finances, 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 percent of our WCCU staff members volunteered their time to help support over 150 organizations.”
Danny M. Nesmith, chairperson of the board, reported after 23 rewarding years serving on the board, his time as chairperson would end following the meeting. He also recognized director Ruth Foster-Morgan for her 19 years of service, as her time also end following the meeting.