Performance & Service

May 1, 2014

Over the years, Goldenwest has worked diligently to ensure our credit union is financially secure and positioned for well-managed growth. Protecting the assets of our members is a job we take most seriously. I’m pleased to report that our financial strength has been recognized recently by several independent ratings services.

SNL Financial recently ranked Goldenwest as the seventh best-performing credit union in the nation based on a mix of five core financial metrics in 2013. These metrics include member growth, net charge-offs as a percentage of average loans, operating expenses as a percentage of operating revenue, delinquent loans as a percentage of total loans, and market growth.

To qualify for the SNL Financial analysis, a credit union had to have total assets greater than $500 million and be well-capitalized with a net worth ratio of at least 7.0% on December 31, 2013. At year-end, Goldenwest held $994.9 million in assets with a net worth ratio of 12.9%.

Goldenwest was awarded a financial strength rating of “A” or “Excellent” from Weiss Ratings, one of the nation’s leading independent providers of analysis for financial service companies. This rating recognizes Goldenwest for outstanding financial stability delivered to our members, vendors and employees.

The Weiss Ratings’ model places a weighty emphasis on a company’s future financial solvency and its ability to withstand severe economic adversity. What does this mean to our members? Although our economy is on the upswing, Goldenwest is well-positioned to withstand economic turbulence that our country or state may encounter in the future.

Goldenwest continues to earn the Five-Star Superior rating from BauerFinancial. The zero- to five-star rating system is based on an in-depth analysis of current financial data supplied by federal regulators. The Five-Star rating is indicative of our solid capital position, profitability, sound asset quality, and balance sheet strength.

During last month’s Annual Meeting, the Supervisory Committee reported that the audits conducted by the independent accounting firm Eide Bailly concluded that Goldenwest is in excellent financial condition.

The true benefactors of our financial stability are the members of Goldenwest and USU Credit Unions. Our strength not only provided us the opportunity to strategically merge Goldenwest and USU Credit Unions, but also allows us to continue offering you competitive rates, year-end bonus dividends, free online and mobile banking services, and reduced fees on real estate loans.

I invite all proud Utah State Aggies to become USU Credit Union members. Or, if you have Utah State University college student in your family, make sure they join USU Credit Union and take advantage of our student accounts. You can become a USU Credit Union member at any Goldenwest or USU Credit Union branch.

I welcome your comments on how we can better meet your financial needs. Our doors, phone lines, and email accounts are open to render service and respond to your suggestions. I also invite you to follow me on Twitter at @GoldenwestCUCEO for the latest Goldenwest and USU Credit Union news.

Kerry H. Wahlen
President/CEO