WESTERLY – Westerly Community Credit Union ended 2019 with historic highs in assets and loan originations, according to year-end financial statements reported in its recent annual meeting.
The credit union reached $326.7 million in assets, up 10.5% from one year prior. Member deposit balances increased 9% to $285.8 million and net income hit $2.4 million, a 15.7% increase, the company reported.
The company also surpassed $100 million in loan originations, including $28.2 million in residential first mortgage loans and $11.2 million in member business loans.
Membership grew 3.6% over the year, reaching 19,500 members.
The company pointed to its financial success as the reason for its continued five-star rating and “well-capitalized” status from ratings agency BauerFinancial.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
