WESTERLY – The Westerly Community Credit Union reported a strong financial 2015, as total assets grew 3.1 percent to $234.7 million.
The Westerly-based credit union on March 28 held its annual meeting at the Haversham House, reporting net income of $1.2 million, according to a press release. Membership increased 3 percent to 16,834 while member deposits grew 4.2 percent to $209.1 million.
The growth was fueled largely by the credit union’s origination of $73.5 million in new loans and gross lines of credit, marking a 57.2 percent increase compared with the prior year. The credit union eclipsed the $200 million mark in outstanding loan balances for the first time.
Home Industries Financial Services Westerly Community Credit Union reports 3.1 percent growth in total assets
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