Workers Credit Union reported a strong 2017 at its annual meeting, held at the DoubleTree By Hilton Hotel in Leominster
The community credit union reported that assets grew 8.94 percent to $1.64 billion, out performing many of its peers in the state, according to President and CEO Doug Petersen.
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.
Net loans grew 11.18 percent to $1.17 billion. Petersen said strong demand for all types of consumer loans — real estate, auto and commercialóresulted in $416.2 million of loans made for the year. Total shares grew 11.83 percent to $1.11 billion, leading many of its peers in the state.
Members’ equity grew to $168.4 million, representing 10.29 percent 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 16th branch in Athol and the acquisition of Braley & Wellington Group, an independent insurance agency in Worcester.
With assets of $1.6 billion, the credit union serves over 96,000 members from offices including Groton and Townsend.