Workers Credit Union Sees Strong Growth in 2017

Workers Credit Union reported a strong 2017 at its annual meeting, held Tuesday evening at the DoubleTree By Hilton Hotel.

The community credit union reported that assets grew 8.94% to $1.64 billion, out performing many of its peers in the state, according to Workers Credit Union’s President and CEO Doug Petersen.

“By keeping focused on our mission—helping our members improve their daily lives, we are experiencing significant growth in deposits, loans and retirement savings,” Petersen said. He also noted that because of its strong performance over the past several years, it has been able to reward its members for banking with the community credit union. It will deposit $3.6 million into their accounts the first week of April, based on saving and loan balances in 2017. “With this GiveBack, $14.5 million has been awarded to our members over five years,” Petersen added.

Net loans grew 11.18% to $1.17 billion. Petersen said strong demand for all types of consumer loans—real estate, auto and commercial—resulted in $416.2 million of loans made for the year.
Total shares grew 11.83% to $1.11 billion—leading many of its peers in the state.
Members’ equity grew to $168.4 million, representing 10.29% of assets. Petersen noted that Workers continues to maintain a members’ equity ratio that far exceeds the regulatory minimum.
The community credit union also highlighted the opening of its sixteenth branch in Athol and the acquisition of Braley & Wellington Group, an independent insurance agency based in Worcester.

Workers Credit Union, home of the $3.6M GiveBack program, is headquartered in Fitchburg, Mass. With assets of $1.6 billion, the credit union serves over 96,000 members from offices in Acton, Athol, Chelmsford, Fitchburg, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange, Townsend, Westford and Workers Online at workerscu.com.