PBN 2024 Fastest Growing Companies Awards
$15 MILLION to $50 MILLION:
4. Westerly Community Credit Union
CEO (or equivalent): Stephen J. White, CEO and president
2023 Revenue: $22.9 million
2021 Revenue: $17.3 million
Revenue growth: 32.6%
WITH THE COVID-19 PANDEMIC in the rearview mirror, Stephen J. White, CEO and president of Westerly Community Credit Union, modestly said the financial institution “came out well.”
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Learn MoreThe credit union’s revenue grew 32% from $17.3 million in 2021 to $22.9 million in 2023. What fueled the growth?
“When interest rates rise, we charge higher rates for loans. This drove much of the increase,” White said. Depositors, he said, also got higher rates, which lead to more people opening accounts.
The credit union’s core business, consumer lending, has remained strong with nearly no delinquencies, White said. Westerly Community Credit Union continues transitioning to being more consultive and offering higher-end services. “The days of 10 tellers at the counter are gone,” White said.
White expects more growth, albeit slower. To keep the engine going, the credit union, he says, is improving its technology and enhancing members’ online experience. With its pivot to more consulting, members have complimentary access to certified financial counselors.