Westerly Community Credit Union in Westerly, R.I., reported double-digit growth in net income for 2018 as it added new members and loans.
The $295 million-asset credit union said on Wednesday that it earned about $2.1 million, up by 23 percent from a year earlier. It was considered well capitalized with a net worth ratio of 9.12 percent.
Member deposit balances increased 9.5 percent, to $262.1 million, and outstanding loan balances ticked up 9 percent, to $258.68 million.
Westerly Community said it enjoyed membership growth of 3.5 percent, while its loan origination production reached $78.3 million. Of the latter figure, $16.5 million was in residential first mortgage loans.
Stephen White, Westerly Community CU’s president and CEO, said credit union's results allowed the board to approve reductions to the schedule of service charges. According to White, these changes saved members more than $95,000 in fees last year.
The management team said the credit union completed construction on a new, 27,000-square-foot operations center and branch in Wakefield, R.I. The new facility was designed to support the credit union’s “expanding presence and growing membership” in southern Rhode Island. In addition, the institution said it will be making “major investments” to upgrade its mobile and online banking platforms.
Westerly Community Credit Union was chartered in 1948. Today it serves more than 18,600 members via locations in Westerly, Richmond and Wakefield. Membership is open to all who reside or work across the state of Rhode Island, plus New London County, Conn.
