We are pleased to share that Wescom achieved another year of strong performance, posting net earnings of more than $18 million in 2024.
It has been a year of milestone celebrations, growth, and groundbreaking initiatives. These achievements were made possible by our shared commitment to building better lives for all. By faithfully adhering to our vision of making a difference by serving our members, our communities, and our team, we ensured that our actions consistently aligned with our mission.
We remain dedicated to delivering exceptional value and support to our member-owners.
Wescom’s focus on member-centric growth led to a significant increase in total membership, reaching 252,039. The successful merger with Central Coast Federal Credit Union (CCFCU) allowed us to enter our newest market with the foundation of four branches and nearly 15,000 new members in Monterey County. To welcome former CCFCU members and the local community, we offered the ‘Hello Monterey County Certificate’ promotion that featured a special rate.
Wescom introduced initiatives aimed at enhancing member service. We eliminated Non-Sufficient Funds (NSF) fees on August 1, aligning with our member-first focus to eliminating a fee for an item that was returned. Additionally, we enhanced the First-Time Borrower Program to assist members with limited to no credit history to establish a solid financial foundation.
Each initiative reflects our commitment to exceeding expectations while fostering long-term success and satisfaction among our members.
In honor of our 90th anniversary, Wescom introduced a special Certificate program featuring a special rate, significantly above the national average. We celebrated throughout the year by providing members with opportunities to earn even greater rewards on popular promotions, such as referral bonuses.
Wescom enhanced its digital banking platform, offering members a seamless and secure way to manage their finances. Our advanced security framework, coupled with state-of-the-art fraud detection technology and a vigilant security team, ensures robust protection of personal data and funds. Such digital improvements support our ongoing efforts to provide members with lower fees, competitive savings rates, and innovative financial tools.
Our team hosted 115 financial education events, including wealth management and home buying webinars and workshops for our corporate partners, community, and SoCal high school students through the Bite of Reality program. By addressing common financial challenges and providing practical information, we empower Californians with financial confidence to secure their futures.
We have piloted new Saturday branch hours, guaranteeing that we still provide the same level of accessibility, competitive hours, and education for members on other time-saving banking options available to them. This change complemented our ongoing efforts to enhance digital banking services, ensuring members can conveniently manage their finances through multiple channels.
Wescom also maintained its Great Place to Work® Certification. This accolade reflects our dedication to fostering an inclusive workplace culture and delivering exceptional service. Our focus on our team directly translates to outstanding member support, reinforcing Wescom's position as a trusted financial partner.
The Wescom Foundation celebrated its 25th year of philanthropy in 2024. Over the past quarter-century, Wescom has donated a total of $6 million, with members contributing more than $610,000 since 2020. Donated funds are awarded to local organizations whose mission is to uplift at-risk youth, combat food insecurity, provide crisis shelter for victims of domestic violence, and work to eradicate devastating diseases.
Community engagement extended beyond financial contributions. Wescom employees also dedicated 1,228 volunteer hours to various causes this past year.
Our pledge to support inclusion and diversity and increase community engagement resulted in the execution of several key initiatives.
Wescom deepened its commitment to diversity by spotlighting minority-owned businesses and cultural institutions. We also renewed our partnership with members of the UCLA Bruins Women's Basketball team and launched the ‘Blocks for Bruins’ program to support student organizations addressing food insecurity, financial hardship, and overall well-being.
We also participated in Bike MS Bay to Bay, raising $110,000 for the National Multiple Sclerosis Society.
Our strategic expansion continued with the opening of our newest branch at Knott's Berry Farm, designed to serve park visitors, park associates, and the community. Months after the official opening of the branch, we also launched the Knott’s Visa® Credit Card. This branded card offers generous cash back rewards and bonus incentives to optimize the cashless experience at Knott’s Berry Farm.
This Wescom Knott’s Berry Farm Branch, along with the introduction of the Wescom Knott’s Visa® Credit Card, demonstrates our innovative approach to providing convenient financial services and benefits to our members.
Wescom now boasts more than $6 billion in assets and 30 branches between Central and Southern California. We remain intent on becoming California’s leading banking partner by making a meaningful difference in the lives of our members, teams, and communities. As a credit union built on shared values, we firmly believe that our collective growth creates lasting impact and expands opportunities for all.
