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Goldenwest Celebrates 100,000 Members Milestone

OGDEN, UT: February 25, 2015 - A 14 year-old young man by the name of Phoenix Oswill recently opened a savings account at Goldenwest Credit Union to help prepare for his financial future. Unbeknownst to him at the time, Phoenix became the credit union’s 100,000th member. Goldenwest thanked Phoenix for helping them achieve this historic milestone by opening a $500 Flex CD in his name.

To put the 100,000 membership figure in perspective, ten years ago Goldenwest 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 worth noting.

Membership isn't the only metric that has doubled in the past ten years. In 2005, Goldenwest opened its 13th branch - a new office in then rapid-growing Riverton-Herriman area in southwest Salt Lake County. Ten years later, Goldenwest opened its 26th branch - this time in St George. In fact, it is the second branch to open in Washington County in less than seven years.

"Our growing credit union not only provides more retail branches and online services for our members, but also boosts the local economy," remarked Kerry H. Wahlen, Goldenwest President/CEO. "Additional resources can be used to generate a greater number of loans for families and small businesses in Utah. In some cases, we will expand contracts with local vendors to sustain growing operations. Likewise, our community outreach efforts can impact more people across the state."

In 2014 Goldenwest grew by $58 million to more than $1 billion in total assets. The credit union's loan portfolio increased by $66 million, netting an overall increase of 11.40% during the same time period. Goldenwest reported strong earnings for 2014, with return on assets at 1.16% and a capital ratio of 13.3%.

Published March 2, 2015