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Goldenwest Reports 2013 Financial Results

OGDEN, UT: February 3, 2014 – Goldenwest Federal Credit Union recently released financial results for 2013. The comprehensive report includes the combined financial statements from both Goldenwest Credit Union and USU Credit Union. The two organizations officially merged on October 1, 2013.

“In 2013, Goldenwest reached new heights as we joined forces with USU Credit Union,” stated Kerry H. Wahlen, President and CEO. “The impact of this strategic merger continues to show positive results in our financial statements as well as providing added value to our members.”

Highlights from 2013 include:

  • Return on assets posted strong at 1.37% or $12.1 million in net income.
  • Net capital ratio increased from 12.3% to 12.9% of assets in reserve.
  • Consumer loans grew by $32 million, resulting in an overall 6.43% annual increase.
  • During the fourth quarter, assets exceeded $1 billion for the first time in credit union history. Final postings on December 31st report Goldenwest with $994.9 million in total assets.
  • Delinquency remained low at 0.46% during a 12-month period.
  • Net charge-offs decreased from 0.43% to 0.29%.
  • Branch locations grew from 20 to 26, with a new Goldenwest office in Bountiful and the addition of five USU Credit Union branches.
  • Goldenwest announced plans to expand their corporate campus with the purchase of a vacant building one block south of the main corporate office.
  • Members collectively earned more than $790,000 in December with year-end bonus dividend.

“The merger with USU Credit Union has ushered Goldenwest into a new era of growth, which allows us to provide greater levels of service for our members,” said Bill Hart, Goldenwest’s Chairman of the Board. “It’s been a banner year for us.”

Published February 3, 2014