WESTERLY – Net income last year increased 23 percent to $2.1 million at Westerly Community Credit Union over the previous year, the credit union recently announced.
In 2018, assets increased 8.9 percent to $295.3 million; member deposits increased 9.5 percent to $262.1 million; and outstanding loan balances increased 9 percent to $258.7 million, according to the credit union.
Other performance highlights last year include membership growth of 3.5 percent and loan origination production totaling $78.3 million. Of that total, $16.5 million came from residential first mortgage loans, the credit union said.
As a result, the credit union finished the year with a net worth ratio, a measure of financial soundness, of 9.12 percent, maintaining its “well capitalized” status, said Westerly Community Credit Union President and CEO Stephen J. White. He said the 2018 results allowed the credit union’s board to approve reductions in its schedule of service charges, saving members $95,000 in fees during the year.
In other company news, White said the credit union’s 27,000-square-foot Operations Center and branch at 4979 Tower Hill Road in South Kingstown was completed, providing more space to support its expanding presence in southern Rhode Island. The credit union currently serves 18,800 members.
White also said the credit union will be making “major investments” to upgrade its mobile- and online-banking platforms.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
