Spring 2015 - Goldenwest Credit Union

Spring 2015
STRONG EARNINGS
& GROWTH
The year is still young, and yet Goldenwest is marking significant milestones.
On January 14th, we celebrated the opening of our second branch office in the
St George area. About a week later, our 100,000th member joined the credit
union. To put those figures in perspective, ten years ago we opened our 13th
branch office and served less than 50,000 members. For a credit union that will
mark its 79th anniversary in 2015, doubling in size during the span of a decade is noteworthy.
During 2014 our total assets grew by more than $58 million to $1,053,139,276. I’m pleased to report a
healthy return on assets at 1.16% or $12 million in net income. Our capital ratio is unquestionably strong,
increasing from 12.9% to 13.3%.
Members have benefited from low lending rates and enticing product offerings, contributing to our
loan portfolio growing by $66 million and netting an overall 11.40% increase in 2014. The loan-todeposit ratio continued to trend in an upward direction from 67.4% to 72.29%. During the same time,
our delinquency decreased from 0.46% to 0.25% and net charge-offs decreased from 0.29% to 0.17%.
Another notable recent achievement is Goldenwest joining the short list of financial institutions offering
Apple Pay to Visa cardholders. Nearly 1,000 of our members enrolled in Apple Pay during the first
few weeks of Goldenwest providing this service. We plan to deliver more mobile payment
options to our members in the near future.
We could not have asked for a better strategic merger partner than USU Credit
Union. Our branch network has expanded and our product offerings have
broadened. The merger with USU Credit Union, which now operates as a
division of Goldenwest, has undeniably contributed to our success.
As always, I look forward to meeting with our members
at the Annual Meeting. Please join us on April 14th
at the Corporate Center to learn more about our
plans for the future, and the growing benefits
of your Goldenwest membership.
Kerry Wahlen
President/CEO
Goldenwest Credit Union
2015 ELECTION
GOVERNANCE
COMMITTEE REPORT
The Governance Committee received Statements of Qualification from two
nominees for the two open Board of Directors positions in the 2015 election.
Both nominees, Bill Hart and Jeanette Smyth, are incumbents.
As no other members submitted their names to the Governance Committee
for the open seats, there will be no balloting to fill these board positions. In
accordance with the Goldenwest bylaws, Bill Hart and Jeanette Smyth will be
re-elected by acclamation to the Board of Directors at the Annual Meeting. Each
will serve a three-year term.
Earlier this year, Jess Hunsaker submitted his request for retirement from the
Board of Directors. Mr. Hunsaker has faithfully served the members of Goldenwest
as a volunteer for more than 23 years. We are thankful for his dedicated service,
and express our gratitude to Jess and his wife Brigitte for the countless hours of
service they have given on behalf of our members.
In 2013 we welcomed Steve Carroll and Brandon Hendrickson to the Goldenwest
Board of Directors. Both Mr. Carroll and Mr. Hendrickson were elected to serve
on the USU Credit Union Board of Directors, and were subsequently added to
the Goldenwest Board of Directors with the merger of the two credit unions.
With the addition of Mr. Carroll and Mr. Hendrickson, there are a total of nine
Goldenwest Directors. In accordance with the governing bylaws, positions
vacated due to retirement or resignation will be filled only when there are less
than seven seats on the Board of Directors. Hence, the seat vacated by the
retirement of Mr. Hunsaker will not be filled.
ANNUAL MEETING
INVITATION
All Goldenwest members and their families are invited to
attend the Goldenwest Annual Meeting at our Corporate
Center located at 5025 South Adams Ave in Ogden on
Tuesday, April 14, 2015.
The Open House will begin at 6:00 p.m., and the Business
Meeting will begin at 6:30 p.m., with several door prizes
being awarded at the end of the meeting.
ABOUT THE CANDIDATES
Bill Hart Incumbent
I have been a member of Goldenwest Credit union for over 40 years and have
volunteered in several capacities including serving as a board member since 1991. I
have the desire to further serve the members of Goldenwest as a director, and will
serve as an advocate for the rights of credit union members. Goldenwest is one of
the most stable financial institutions in the nation. I would appreciate your vote for
re-election to the Board of Directors of Goldenwest Credit Union.
Jeanette Smyth Incumbent
I have been a member of GWCU for over 50 years, the last 15 plus years as volunteer
on the Board of Directors. I have held all offices in the Executive Committee;
chairman, vice chairman and secretary. As a professional business woman my
knowledge, leadership skills and technological abilities contribute to the credit
unions’ growth cohesively working with Board members and management.
I will continue to work for the expansion of GWCU, serving every member ethically
and judiciously, upholding the credit union vision, mission and goals. As always, my
focus has been and shall always be for the good of the members of Goldenwest.
Thank you for the opportunity to be of service and accepting my candidacy.
JESS HUNSAKER RETIRES
FROM BOARD OF DIRECTORS
Longtime board member Jess Hunsaker has announced his retirement after 23
years of service to Goldenwest. Mr. Hunsaker has served as a Goldenwest volunteer
since 1992 in several different capacities, including: Board Chairman, Board Vice
Chairman, Supervisory Committee Member, Asset Liability Investment Committee
Member and Nominations Committee Chair.
In 2007, Goldenwest honored Mr. Hunsaker for his service during a flagpole
dedication ceremony at the St George office located on Sunset Boulevard.
“It has been a privilege to work with Jess for more than two decades,” said Bill Hart,
Goldenwest President/CEO. “His support and insight have had an immeasurable
impact on our credit union. On behalf of our members, we thank Jess for his many
years of exemplary service and contributions.”
GOLDENWEST OPENS SECOND
ST GEORGE OFFICE
Goldenwest Credit Union marked the official opening of a
second branch in St George with a ribbon cutting ceremony
on January 14, 2015. The new branch is located at 2122 East
Riverside Drive. The credit union entered the St George market
in November 2008 with the opening of the branch located at
1805 West Sunset Boulevard.
“It’s exciting for Goldenwest to be part of an established
residential area that is experiencing significant new commercial
growth,” continued Wahlen. “We look forward to serving our
existing members at this beautiful new branch, and welcome
other Washington County residents and businesses to join our
credit union family.”
“We purchased the land for the branch site on Riverside Drive
more than seven years ago,” commented Kerry H. Wahlen,
Goldenwest President/CEO. “Over the past six years as we’ve
grown in the number of members, deposits and loans at our
branch on Sunset Boulevard, we’ve kept a close eye on the
development around Riverside and Mall Drives. The timing and
location are ideal for opening a second office in St George, and
we couldn’t be happier with the final result.”
Goldenwest Credit Union board members and officers joined in
celebration with credit union employees and members to officially
open the new office. Also welcoming Goldenwest to the local
business community were St George City Mayor Jon Pike and the
St George Area Chamber of Commerce Dixie Sunshiners.
The area around Riverside Drive has experienced significant
development in recent months, including a new bridge crossing
the Virgin River.
The 4,000 square foot office full-service branch includes
mortgage and loan offices, five teller stations, safe deposit
boxes, four drive-thru lanes and a 24-hour drive-up Co-op
Network ATM. The branch will also serve members of other
credit unions as part of the Credit Union Service Center shared
branch network.
GOLDENWEST FINANCING
AT THE DEALERSHIP
It’s never been easier to walk onto an auto or RV lot and drive away in the vehicle of your choice
with the best financing in town! In a matter of minutes, you can be approved for a
low-rate Goldenwest auto or RV loan without ever leaving the lot of your
favorite dealer. Thanks to our partnership with Credit Union Direct
Lending, you don’t need to visit a branch office or contact our call
center to apply for your next loan. Simply ask the auto or RV dealer
for Goldenwest financing, and you’ll be on your way in no time!
S TA R T B U I L D I N G YO U R N E W H O M E W I T H O U R
COLORING CONTEST
WINNERS
Congratulations to our winners of the Kids Club
Winter Coloring Contest. Each winner will receive
RATE AS LOW AS
a $25 deposit into his or her Goldenwest Kids Club
savings account.
GOLDENWEST KIDS CLUB COLORIN
0–4
5–8
9–12
Lawson W.
Alyssa C.
Ashlyn W.
Kids Club Member Name
Parent’s Name
Goldenwest Branch Location
G CONTEST
Print the next coloring
page and learn more about
Goldenwest’s Kids Club at
gwcu.org.
Construction Rate is 3.99% Fixed with an APR as low as 5.385%. Rate example based on loan
amount of $250K, 660+ FICO, and 90% loan-to-value. Construction rate offer valid on applications
submitted between 03/02/15 and 06/15/15. Rates and loan fees subject to change without notice.
May not be combined with other offers and promotions. Equal Housing Lender. NMLS #440574.
is here
Earn 3x Points
with your Rewards
Credit Card when
you use Apple Pay.
learn more at gwcu.org
Triple points valid on Apple Pay transactions with the Goldenwest VISA Rewards Credit
Card from January 20, 2015 to April 20, 2015. Offer subject to change without notice.
Age
P.O. Box 1111 Ogden, Utah 84402
STRONG
EARNINGS
& GROWTH
Goldenwest Information
Board of Directors
Bill Hart, Chair
gwcu.org
Steve Carroll, Vice Chair
Tad Neuenswander, Secretary
gwcu.mobi
Jess Hunsaker
Jeanette Smyth
Karen Kagie
801-621-4550 or 800-283-4550
Stoney Wayment
Dan Musgrave
Brandon Hendrickson
youtube.com/goldenwestcu
Supervisory Committee
Follow CEO Kerry Wahlen
Ron Gebhardt, Chair
Karen Kagie, Board Liaison
Noe Vasquez
@goldenwestcuceo
@goldenwestcu
Richard Marker
Mike Liptrot
Goldenwest Corporate Offices
Goldenwest Credit Union
facebook.com/goldenwestcu
5025 Adams Ave, Ogden, UT 84403
PO Box 1111, Ogden, UT 84402
gwcu.org/presidents-blog