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Credit union profits soar in Westerly

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The Westerly Community Credit Union reported Tuesday that its profits rose more than 29 percent in 2014 compared with the previous year.

The credit union, which held its annual meeting March 30 at the Haversham House in Westerly, said profits soared to $1.39 million last year versus $1.07 million the previous year. In addition, total assets rose 1.5 percent to $227.6 million, according to the report.

Other positive signs included a slight increase in both membership and member deposits. The credit union said it originated $45 million in new loans last year and continued to be well capitalized.

Steve White, the credit union's president and chief executive, reported issuing 469 new self-managed VISA credit cards last year with limits totaling $3 million. He also said 14 local schools were receiving financial literacy support from the credit union, and local organizations received more than $113,000 in donations and sponsorships.

William D. Horne, board chairman, thanked retiring board member Gerry Gleason.

"The guidance and contributions he has made over the past 13 years while serving on the board and various committees has been invaluable, Horne said in a statement.  

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