Workers' Credit Union results bring 'GiveBack' to members
The board of directors for the Workers’ Credit Union approved a payout of more than $2.5 million to members as a result of the credit union’s performance in 2014, according to a news release Wednesday from the credit union.
It was the second year in a row of payouts to members, Wednesday’s statement said. The money was distributed in February, the statement said.
Assets grew 10.9 percent to $1.15 billion in 2014 due to strong demand for real estate, consumer and commercial loans, the credit union reported.
“Our members have been instrumental to our success. Their support allows us to invest in products and services that make their lives easier, and we are able to reward their loyalty through our groundbreaking GiveBack program,” Doug Petersen, president and CEO of Workers’ Credit Union, said at the credit union’s annual meeting Tuesday, according to the news release.
The credit union’s member equity grew to $141.6 million, representing 12.1 percent of assets, exceeding the regulatory standards, the statement said. Return on assets was 1.33 percent before Workers’ GiveBack.
Workers' Credit Union, headquartered in Fitchburg, with more than 81,000 members, has offices in Acton, Chelmsford, Fitchburg, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange and Townsend.
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