These past four years, we’ve been laser-focused on one thing – completing our net worth restoration plan and setting Point West on a path of sustainable growth well into the future It wasn’t easy, but together with our board of directors, staff, business and community partners, examiners, and of course, YOU, our member-owners, we’re proud to announce we’ve done just that. Thanks to your hard work and patience, Point West Credit Union will be entering 2014 having completed its net worth restoration plan!
It’s an exciting and hard-won accomplishment. While we are thrilled to be finally looking beyond net worth restoration, we’d be remiss if we weren’t cognizant of our past and just how far we’ve come. In late 2009, our net worth was below 4%; since then, we have increased that number by 286 basis points and continue to trend towards 7%. In 2010, the credit union had a net loss of $123,000. Today, we’ve totaled net gains of $2,002,300 from 2011 to Q3 2013. We’ve improved the balance sheet and operations, and our team is now more efficient than ever. We currently offer more products and services than before, including a revitalized mortgage program, high interest checking, mobile banking and more.
That’s not to say that we still don’t have much to accomplish. While we’re now free of much of the regulatory burden we’ve faced these past few years, we’re still committed to fiscally responsible growth that will continue to increase our net worth, as well as refining our programs and processes to ensure we are balancing efficiency and exceptional service to our members. Together, we will meet and exceed these and many more challenges sure to come our way in the months and years ahead.
So, who is Point West going forward? As always, it’s an ever-changing and evolving cooperative. As we look ahead, we remain focused on the financial wellness of our members and small businesses, dedicated to the cooperative principles upon which all credit unions were founded, and committed to engaging and empowering our local community for the betterment of everyone.
2014 is already brimming with new and exciting initiatives to reinforce this vision. We’re thrilled to be bringing you Mobile Deposit so you can deposit checks whenever and wherever using your mobile device. We’re working behind the scenes to bring you a quick and simple online application experience for loans and accounts. We’re expanding our outreach to our small businesses, the engines of our local economy. And we won’t stop there – we will always be looking for new and innovative ways to bring more benefit to you and your membership here at Point West.
Your active participation and voice drive our cooperative mission. Keep talking to us! Our annual membership survey will be posted this coming March, and you can contact us any time with your questions, comments and ideas. Together, we can accomplish so much more. Thank you for your membership, and we look forward to a successful 2014 with you all.
From our view,
Nick & Amy