Thank You For A Great Year!

January 27, 2017

Your support and loyalty to Goldenwest helped make 2016 standout as one of the best years in our 80-year history! Thank you for choosing our Credit Union as your financial partner. The more products and services you have with Goldenwest, the better we can serve you and the entire membership as a not-for-profit financial cooperative. I’m proud to share with you some of our accomplishments from the past year.

Financial Report
In 2016, total assets grew by more than $121.5 million to $1,249,309,136 with return on assets at 1.40% or $16.7 million in net income. Our capital ratio remained steady at 13.9%.

The Credit Union’s loan portfolio grew by $116.4 million, netting an overall 15.4% increase over the previous year. Our loan-to-deposit ratio moved upward from 78.5% to 82.1%. Delinquency remained low at 0.47% and net charge-offs were 0.15%.

We ended the year with just under 7% net member growth, bringing our total membership to 113,395. With the Healthcare Credit Union merger, our membership now exceeds 120,000.

Healthcare Credit Union Merger
In the fall, we announced our intent to merge with Healthcare Credit Union. By year-end, the merger had been approved and on January 1, 2017, our two Credit Unions became one. With the merger, eight offices located in Salt Lake County have been added to our branch network. The operating system merger is scheduled for completion on May 1, 2017.

Branch Expansion
One of the year’s highlights was the opening of the Welcome Center branch at Utah State University. We are excited to serve USU faculty, staff, students and alumni at our on-campus location.

We relocated two branches to better utilize resources and serve members: 1) the Provo branch moved to a stronger location in Orem, located inside Ridley’s Family Market; and, 2) we moved from a small leased space in Providence to a new, free-standing branch two blocks south.

Bonus Dividend
Goldenwest members collectively earned $1.4 million with a year-end bonus dividend. For 13 consecutive years, Goldenwest has returned a total of $9.375 million to members through the bonus dividend program.

Insurance Savings
Since introducing Goldenwest Insurance Services, we have helped members save $1.5 million in insurance premiums. Give us a chance to quote your insurance for savings on premiums up to 35%. Licensed insurance agents are available in most branch offices.

Visa Card Enhancements
On top of low-fixed rates and no annual fee, business members now have unlimited Extra Awards points-earning potential with our Business Visa Rewards card. This product enhancement is a tremendous value for business owners who wish to maximize savings and rewards.

A monumental task of the year was the completion of re-issuing Visa cards with EMV chips. Our members are better protected from identity theft, and the Credit Union has experienced a reduction in fraud claims.

2017 Outlook
The New Year has started strong and the future is bright. Our strategic plans for the Credit Union will provide members with greater convenience, value, and options for financial well-being and growth.

The West Jordan branch will open in February. I’m excited to announce plans are underway for new branches in Marriott-Slaterville and Farmington. We look forward to serving Goldenwest members at the eight Healthcare Credit Union branches in Salt Lake County.

Congratulations to Tawnya Krommenhoek, our employee of the month. Tawnya has been a superstar-processor in our Mortgage Department for many years.

Thank you for a great year, and best wishes for a prosperous 2017!