Historic Year

January 6, 2014

Happy New Year! As we set our sights on 2014, I wish to express my gratitude to our volunteers, employees and members for their support throughout 2013. It was a historic year for our 78 year-old credit union.

Goldenwest announced our intent to merge with USU Credit Union in June, and on October 1st we officially joined together as one organization. Our team is diligently working towards the operating systems merger scheduled for March 1st. After that date, Goldenwest members will have full access to the five USU Credit Union branch offices.

In 2013, Goldenwest exceeded $1 billion in assets for the first time. We’ve come a long ways since 1936 when our credit union was founded with $10.50. One of my favorite stories about Goldenwest happened in 1939 when the credit union was in danger of being shut down due to a lack of funds. After a member came in to make a $200 deposit, one of the officers was recorded as saying: “It seemed like a million dollars.” The credit union was able to carry on making affordable loans to members. Several decades later, we continue the legacy of affordable loans but at a much higher volume. Goldenwest granted $32.8 million in new loans for 7.1% growth in 2013.

Our Return on Assets posted at 1.35% on December 31st, allowing us to declare a bonus dividend for the tenth consecutive year! Our original estimates projected members earning a collective $760,000 in December. I’m happy to report the final dividend paid by the credit union was closer to $790,000…the highest bonus dividend amount earned in a single year!

We experienced unprecedented branch growth in 2013, as we expanded our branch network to 26 locations. We added the Bountiful office and five USU Credit Union offices, with one branch in Brigham City and four branches in the Cache Valley. Furthermore, we announced plans to expand our corporate campus by renovating a building in Washington Terrace for our growing technology, operations and accounting departments.

Goldenwest’s commitment to giving members access to the most recent advances in online and mobile banking technology included a significant upgrade for our online branch and adding mobile check deposit for smart phones and tablets users.

None of this would be possible without the diligent efforts of our employees and the loyalty of our members. One of my favorite quotes is “You don’t get what you wish for, you get what you work for.” I congratulate our Goldenwest family on a very successful year…you earned it!

As always, I invite you to follow me on Twitter @GoldenwestCUCEO for the latest news on our credit union. Best wishes for a prosperous new year!

Kerry H. Wahlen
President/CEO