July 2020
For more than 85 years, our steadfast dedication to serving our members has lead us to become one of the premier Credit Unions in Southern California. Since our founding in 1934, the Credit Union has been no stranger to adversity. Even though 2020 has presented all of us with unforeseen challenges, I want to assure you that our focus remains on you, our members, and serving the needs of our Southern California communities. Through our financial strength, our diverse membership, and team, we are in a strong position to serve the evolving financial needs of our members and communities for today, and tomorrow.
As we entered into 2020, Wescom was in a position of financial strength, posting net earnings of more than $33 million in 2019. With one of the strongest financial performances we have had since the 2008 recession, Wescom closed out 2019 with our highest net worth ratio in over twenty years. As a valued member-owner, we know that is something you can be proud of.
Through our financial strength, our diverse membership, and team, we are in a strong position to serve the evolving financial needs of our members and communities for today, and tomorrow.
You can rest assured that your money is safe at Wescom. When the pandemic hit in March, we heard from many of you with concerns about the economic uncertainty. With more than $3.5 billion in assets, we are one of the largest credit unions in the country, among the top 2%, and hold ourselves to higher capitalization rates than required by the National Credit Union Association (NCUA). While we don’t know exactly what the depth or duration of the COVID-19 economic impact will be, Wescom couldn’t be better prepared to be there for our members when they need us and we continue towards our goal of becoming Southern California’s go-to banking partner.
Although financials are part of our strength, there is another reason Wescom is well poised during this time, and that is because of you and the Southern California community we serve.
As a community based credit union that serves the needs of all of Southern California, and not just a select employer group, diversity has further strengthened our position as our membership reflects multiple industries. Our broader reach has also given us the ability to better serve members who have been affected during COVID-19 by offering member assistance programs through emergency loans, loan deferments, and skip-a-payments.
Our strength also comes from our team. Wescom has long been a culture of service and innovation, and even with the challenges of COVID-19, there have been no exceptions as we remained committed to ensuring that our members had access to bank with us from wherever they were.
Throughout the pandemic, our branches remained open, operating at the same service hours, and with our extended call center hours, we maintained the focus on serving your needs no matter how you chose to bank with us. Furthermore, we looked for ways to increase your access to remote channels by increasing deposit and withdrawal limits at our ATMs and increasing deposit limits through SnapDeposit.
We also recognized that now more than ever you needed access to your funds. We removed the withdrawal limits from Savings and Money Market Accounts and waived the early withdrawal penalties on Certificates of Deposit. We also expedited ACH deposits into your account which allows direct deposits to get to you up to 2-days sooner. You can learn more about this enhancement here. Many of you have shared your delight with us for this enhancement and it’s just one of the ways we continue to add value to your membership with Wescom.
Although we do not know what challenges lay ahead, we are confident that our financials, community membership and dedicated staff only strengthens our ability and commitment to serving and protecting your financial wellbeing.
For more than 85 years, our mission has been to build better lives, and especially during these times, there is no exception to working towards that end. We remain committed to serving our members evolving needs well into the future.
