Westerly Community CU records nearly 30% profit gain in ’14

WESTERLY COMMUNITY Credit Union recorded a 29.3 percent increase in net income for 2014, which it attributes largely to a new credit card program and an uptick in membership.
WESTERLY COMMUNITY Credit Union recorded a 29.3 percent increase in net income for 2014, which it attributes largely to a new credit card program and an uptick in membership.

WESTERLY – Westerly Community Credit Union on Tuesday proclaimed 2014 a “successful year,” recording a 29.3 percent increase in net income for 2014, which it attributes largely to a new credit card program and an uptick in membership.
The credit union’s $1.4 million in net income – recorded for the fiscal year ending Dec. 31 – guided it to the nearly 30 percent increase from the same period a year earlier. Total assets rose 1.4 percent to $227.6 million.
President and CEO Steve White, at the credit union’s annual meeting last month, said a new self-managed VISA credit card program allowed the credit union to issue 469 new cards with available limits totaling $3 million, according to the bank.
Indeed, the credit union recorded a 49 percent increase from 2013 for unsecured credit card loans ending 2014 at $3 million. The credit card loan growth helped cancel out year-over-year decreases in nearly every other category of loans and leases. Westerly Community ended the year with loans and leases totaling $186.5 million, representing a year-over-year increase of .9 percent, according to federal filings.
Total interest income fell .6 percent to $8.2 million while non-interest income rose 16.7 percent totaling $2.2 million.
Membership increased 2.1 percent to 16,323, which helped grow member deposits .5 percent to $200.6 million, according to the bank.
Chairman of the Board William D. Horne, at the annual meeting, lauded the financial institution for its success and thanked Gerry Gleason, who retired from the board after 13 years of service.
“The guidance and contributions he has made over the past 13 years while serving on the board and various committees has been invaluable. He has been an integral part of our investment in youth, scholarship and nominating committees, as well as our annual holiday basketball tournament,” Horne said, in a statement. “As a former educator, Gerry has been able to provide a perspective that has helped encourage and emphasize the importance of youth in our community.”

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