2016 Highlights & Milestones
- Total Assets topped $214 Million!
- Total member accounts surpassed 23,000!
- Over $45 Million in new loans were approved and disbursed to local residents and businesses!
- Employed nearly 100 local residents in our 7 branches and administration facilities.
- Approved by NCUA to provide service to western Washington County region including Forest Grove and Hillsboro.
- Our technological improvements included Single Sign-on for Bill Pay & Credit Card access in online banking, as well as enhanced e-Statements.
- Our website was honored with a Spectrum Award by the Northwest Credit Union Association.
- Eight local member-students pursued their higher education through scholarships from Wauna Credit Union totaling $6,000.
- Our staff raised $6,483 for the Backpack Program in Columbia County, which helped feed low-income students in 6 schools; and, $2,533 to support Clatsop Community Action.
- Our cardholders are now more protected against fraud following our mid-year conversion to chip-secured VISA Debit and Credit Cards.
- Pacific County members may now apply for home loans at the new Mortgage Origination Office in Long Beach, WA.
Report of George Dunkel, Board of Directors Chair
It is my pleasure and privilege as Chair to report to the membership on behalf of the nine-member Board of Directors. Your Board of Directors is comprised of volunteer members elected by the membership to ensure Wauna Credit Union is achieving and maintaining high levels of responsible operating and fiduciary standards, maintaining your privacy and security of information, reliable access to your accounts and financial soundness of Wauna Credit Union. We work with management to set policies and guidelines designed to provide the best return to you, the member-owners.
The Board meets regularly throughout the year with management to monitor, measure, and evaluate strategic decisions designed to provide the products, services, and service levels expected by the membership. This was especially true during 2016 when we culminated a significant investment of time and resources with implementation of a new lending philosophy that will improve our members’ value within the Credit Union and fulfill Wauna Credit Union’s mission. Additionally, we applied for and received approval for a field of membership expansion into West Washington County. Plus, we have acquired some very visible and strategically located land in Forest Grove for a new branch.
In closing, I would like to commend my fellow board members and supervisory committee members for their time, passion, and dedication to the Credit Union and its growing membership. Each of them devotes additional time to training and other resources to increase their knowledge regarding the importance of serving as a volunteer for a large financial institution. As a Board we are very pleased with our diversity and teamwork which works hand in hand to enable us as your Board of Directors to represent our member needs from a variety of perspectives.
Report of Ken Gates, Supervisory Committee Chair
Your Supervisory Committee is comprised of Wauna Credit Union members who are appointed by the Board of Directors. Currently, Mike Avent, Mike Hoag, Paul Lewecki, Bob Magie and I serve on your behalf. In fulfilling our purpose, we have three main roles in protecting members’ assets: quality control; auditor; and, ombudsman.
As quality control monitor, we work with an independent Internal Auditor who reports directly to the Supervisory Committee and CEO. The Internal Auditor is responsible to monitor and ensure internal controls are in place and to protect the best interests of the membership. We are pleased to report that Marti Gwin recently assumed this position.
In the role as auditors, we have once again engaged the services of Clifton Larson Allen, LLP, to perform our annual financial audit and member account verification in order to verify that our financial statements accurately reflect the financial condition of the operation of WCU. The 2016 audit is currently underway and will be completed mid-March, 2017. I am pleased to report that we received a clean opinion from the auditors for 2015.
Additionally, we facilitate the NCUA (National Credit Union Administration) in their annual examination which evaluates the Credit Union and reviews operations for compliance with federal laws and regulations.
Our third role is that of ombudsman. We want to be attentive to the questions and concerns of our members. It is also our responsibility to respond to any complaint or investigation which should arise.
The year 2016 was another successful year as we continued to grow our membership and our assets. We are committed to working on your behalf to oversee all areas related to the financial management of the Credit Union to make sure that it is soundly managed.
Report of Robert Blumberg, CEO & President
It is my pleasure to provide the membership with an overview of 2016, and to explain how the robust growth of Wauna Credit Union directly benefits our membership.
I am responsible to the volunteer Board of Directors to manage the day-to-day operations of your Credit Union. This includes providing you with: 1. Confidence, by maintaining maximum levels of security for your accounts; 2. Convenience, for access to your accounts; and, 3. Maintaining the strength & stability of the Credit Union to ensure a successful financial future for our Credit Union.
Total Assets surpassed $200 Million during 2016, increasing by 8.74% to $214,611,588. Assets produce revenue that provide the membership with resources such as enhanced technology, facility expansion, and an investment into our most important resource, the staff that assist members and give back to the communities we serve. Total Deposits increased by 9.64% to $186,659,786. Growth in Total Deposits is the key factor that enables us to provide a wide variety of affordable consumer, real estate, and business loans. Total Loan growth increased by a remarkable 15.19% to $163,623,033. We’re pleased to report nearly 50% of all member households are benefiting from at least one loan from Wauna Credit Union. Two other important growth metrics are Total Membership Accounts, which increased by 7.52% to 23,168, and, Capital Ratio, which remains very strong at 8.47% of Total Assets.
I want to thank our nearly 100 employees, all of whom strive to provide our member-owners with the resources and a positive experience to help them achieve their personal goals.
Our member survey indicated that security of our members’ private information is of utmost importance. This is an area that has received a lot of attention in the press lately. We will continue to focus on maintaining the maximum security of our members’ accounts.
Happy Anniversary To All Of Us!
Wauna CU Turns 50!
Wauna Credit Union was founded in 1967 by employees of the Crown Zellerbach Wauna Mill with a modest $1,600! Over the years, we have merged twice, adding the Vernonia FCU, and the Longshoreman’s Credit Union.
Our products and services have grown from merely Checking & Savings accounts, and small Loans, to over a hundred different offerings - from Mobile Banking to Lines of Credit for homeowners and businesses.
One thing is for certain, we could have never reached the heights that we have today without our amazing members. Thank you so much for your membership, your loyalty, and your suggestions which have always helped us to improve!
