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.
Wauna Credit Union financial condition for 2016.
Wauna Credit Union graphs of Assets, Loans, Deposits, & Members for 2016.
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!