We are pleased to inform you that Wescom continued its strong performance, posting net earnings of more than $30 million in 2023.
It has been a year marked by exceptional momentum, growth, and trailblazing initiatives, allowing us to remain dedicated to our vision of making a difference by serving our members, communities, and team members.
In 2023, we grew our field of membership to include the Central Coast and Central Valley of California, expanding our service area from eight to 21 counties throughout California, providing us even greater opportunities for growth.
In support of our member growth objectives, we announced the upcoming Central Coast Federal Credit Union (CCFCU) merger, which is set to be completed in the second quarter of 2024. The merger allows Wescom to expand into this new market with the foundation of four retail branch locations.
In the last quarter of 2023, we also launched an exciting partnership with Knott's Berry Farm — a first for the local theme park. This exclusive banking partnership allows us to share the Wescom difference with an estimated 3.8 million park visitors a year and Knott's associates. It also provides us with an opportunity to add a new Credit Union branch near Knott's California Marketplace in late 2024 and an exclusive Knott's Berry Farm Visa® Credit Card. Additionally, Wescom members and team members will have access to ticket giveaways and discounts throughout the year.Our financial solidity and proactive stewardship have ensured that we are stronger than ever...
Wescom maintains a strong financial position. Our financial solidity and proactive stewardship have ensured that we are stronger than ever and well-equipped to deliver the services and products our members require to build better lives, even in light of the unprecedented events that occurred in our industry in early 2023, starting with the announcement from Silicon Valley Bank and others. Wescom's liquidity remains strong, and we hold ourselves to even higher capitalization standards than required by our regulators. Additionally, our members' deposits are insured to at least $250,000 by the full faith and credit of the National Credit Union Administration (NCUA). Our members' deposits are safe at Wescom.
As Californians continued to navigate the lingering effects of a global pandemic, Wescom was there to provide a path forward. We understand the ongoing challenges of rising interest rates and persistent inflation impacting our members' discretionary funds and everyday banking. This is reflected in a 2.6% year-over-year decrease in Member' Shares and more than ever, delivering economic value to members remained a primary objective for the Credit Union.
Wescom has consistently offered competitive Share Certificate rates and in addition, presented members with special high-rate offers throughout the year, including a Bump-Up Certificate that offered members a one-time yield increase during the Certificate's term if interest rates rose.
We provided members with competitive loan rates and product enhancements. In 2023, we improved our Personal Loan and Personal Line of Credit applications to allow for a more streamlined application process, including calculators to help borrowers make key decisions. We also introduced a Home Equity Line of Credit (HELOC) feature that allows members the opportunity to convert their variable loan HELOC to a fixed-rate loan to help safeguard the loan from rising interest rates. These enhancements were made as other financial institutions were suspending such loan activities. As a Credit Union established by its members who share the same values, we know we can make a difference in more lives as we grow together.
In 2023, Wescom opened its 25th branch serving the West Los Angeles community, which is situated below apartment units that house UCLA medical students. We also introduced a new and improved mobile banking experience, which provided more streamlined navigation and new enhancements for our members. With our continued focus on improvement and member convenience, we are at the forefront of ensuring that money management is simple and user-friendly for our members, no matter where they are.
Community remains central to what we do and who we serve. In 2023, Wescom granted more than $1.1 million to non-profit partners through the Wescom Foundation. These contributions were made possible through donations by members, team members, and Wescom.
Last year marked the 17th consecutive year of participation in the National Multiple Sclerosis (MS) Society's Bike MS: Bay to Bay. Our Wescom Bike MS Team, consisting of more than 80 cyclists, including employees, volunteers, business partners, members, friends, and family, rode a 100-mile route from Irvine to San Diego, raising our total contributions since 2007 to $1.7 million. Because of Wescom's continued dedication and support, the Credit Union was recognized as a 2023 Impact Award Honoree by the MS Society.
As we enter our seventh year of partnership with UCLA, we continue to deepen our commitment to Bruins. We unveiled our second Name Image Likeness (NIL) student-athlete partnership, this time with all 12 student-athletes of the UCLA Bruins Women's Basketball team — a first of its kind for the University. Additionally, we also announced a brand partnership with their Head Coach, Cori Close.
We are thrilled to announce that Wescom has been certified as a “Great Place to Work.” This is further evidence of our exceptional workplace culture, which values inclusivity and celebrates our differences. This certification is incredibly meaningful as it is based on team member feedback.
The designation aligns us with renowned companies such as Hilton, Target, Trek, and Accenture, which are known for their outstanding employee environments. Wescom intends to further its commitment to nurturing a welcoming culture with expanded diversity, equity, and inclusion initiatives that include additional training and new Employee Resource Groups to foster a supportive environment.
We aim to be the best banking partner for Californians by positively impacting our members, team members, and the communities we serve. As a Credit Union established by its members who share the same values, we know we can make a difference in more lives as we grow together.
