WCCU 2023 Annual Meeting
Tuesday, April 16, 2024
The Westerly Community Credit Union held their 2023 Annual Meeting on Monday, March 25th, 2024 at Evie’s Restaurant in Westerly, Rhode Island.
A brief review of the highlights from the year-end 2023 financial statements shows the following: assets increased 3.52% to $468.68 million, member deposit balances increased 1.65% to $408.16 million, and 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’s 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, the Credit Union finished the year with a regulatory net worth ratio, a measure of safety and soundness, of 8.85% maintaining its “Well Capitalized” status.
Stephen J. White, Westerly Community Credit Union President and CEO, shared operational highlights during 2023 which included the roll out of their new deposit account products Advantage Money Market Account for both personal and business members and the Diamond Savings account. Mr. 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.
Mr. White also reported that as part of their “WCCU Cares” initiatives during 2023 the Credit Union helped over 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.
Pete Stefanski, Chairperson of the Board, presented his fourth annual report since his election as Chairperson of the Board of Directors. He also acknowledged despite challenges of high inflation and rising interest rates, the Credit Union ended 2023 strong. He recognized the Credit Union for remaining flexible and adapting to the ever-changing world we live in.
Westerly Community Credit Union 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”.
Stefanski reported that in addition to the many donations to local charitable organizations, the Credit Union donated $200,000 to Westerly Hospital in support of their 100th Anniversary Centennial. 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.
In tradition, the Annual Holiday Basketball Tournament was held in December. The Credit Union was pleased to donate $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.
The meeting concluded with Mr. White thanking everyone for all their hard work and recognizing Senior Staff, Board of Directors, and Supervisory Committee members for their professionalism, unwavering support, and commitment to our members and to the communities we serve. He also thanked our members for their continued support and understanding, stating their loyalty and patronage are the reasons we strive to achieve our goals and make this the best Credit Union possible.
About Westerly Community Credit Union:
The WCCU mantra, #WCCUCares, emphasizes their focus on caring about their members, their members’ financial success, and their community. Established in 1948, Westerly Community Credit Union is a local, full–service financial institution that currently serves over 22,000 members with lending and deposit products through convenient locations in Westerly, Richmond, Wakefield, Coventry, and online at www.westerlyccu.com. Recent WCCU awards: Westerly Sun’s 2023 Community Choice for Best Credit Union and Best Financial Planning Services; Southern RI 2023 Community Choice Awards for Best Credit Union; Southern RI 2023 Chamber Choice Awards “Spreadin’ the Love Giving Back Award”, as well as PBN’s Best Places to Work (2018, 2019, 2021, 2022 and 2023).
A brief review of the highlights from the year-end 2023 financial statements shows the following: assets increased 3.52% to $468.68 million, member deposit balances increased 1.65% to $408.16 million, and 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’s 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, the Credit Union finished the year with a regulatory net worth ratio, a measure of safety and soundness, of 8.85% maintaining its “Well Capitalized” status.
Stephen J. White, Westerly Community Credit Union President and CEO, shared operational highlights during 2023 which included the roll out of their new deposit account products Advantage Money Market Account for both personal and business members and the Diamond Savings account. Mr. 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.
Mr. White also reported that as part of their “WCCU Cares” initiatives during 2023 the Credit Union helped over 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.
Pete Stefanski, Chairperson of the Board, presented his fourth annual report since his election as Chairperson of the Board of Directors. He also acknowledged despite challenges of high inflation and rising interest rates, the Credit Union ended 2023 strong. He recognized the Credit Union for remaining flexible and adapting to the ever-changing world we live in.
Westerly Community Credit Union 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”.
Stefanski reported that in addition to the many donations to local charitable organizations, the Credit Union donated $200,000 to Westerly Hospital in support of their 100th Anniversary Centennial. 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.
In tradition, the Annual Holiday Basketball Tournament was held in December. The Credit Union was pleased to donate $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.
The meeting concluded with Mr. White thanking everyone for all their hard work and recognizing Senior Staff, Board of Directors, and Supervisory Committee members for their professionalism, unwavering support, and commitment to our members and to the communities we serve. He also thanked our members for their continued support and understanding, stating their loyalty and patronage are the reasons we strive to achieve our goals and make this the best Credit Union possible.
About Westerly Community Credit Union:
The WCCU mantra, #WCCUCares, emphasizes their focus on caring about their members, their members’ financial success, and their community. Established in 1948, Westerly Community Credit Union is a local, full–service financial institution that currently serves over 22,000 members with lending and deposit products through convenient locations in Westerly, Richmond, Wakefield, Coventry, and online at www.westerlyccu.com. Recent WCCU awards: Westerly Sun’s 2023 Community Choice for Best Credit Union and Best Financial Planning Services; Southern RI 2023 Community Choice Awards for Best Credit Union; Southern RI 2023 Chamber Choice Awards “Spreadin’ the Love Giving Back Award”, as well as PBN’s Best Places to Work (2018, 2019, 2021, 2022 and 2023).