2023 Annual & Community Report
March 7, 2024 • 14 minute read
2023 Annual & Community Report
A letter to our members
At the end of every year, we ask ourselves a question. It’s the question that guides our decision-making and helps us evaluate progress and plan for the future. It’s simple yet earnest: Did we make life better for our members?
Looking back on 2023, we believe the answer is yes. Membership grew and that strengthened our ability to provide a wide range of financial services. We opened new branches to make it easier for face-to-face conversations when you want them. We added new technology such as online chat, which makes communication convenient for you. We made adjustments to get you what you need more quickly and efficiently. But we also know these great day-to-day services are what you’d expect from your credit union.
What makes us especially proud to be part of WSECU is knowing we’re a one-of-a-kind cooperative defined by our care for each other and for our communities. We’re inspired by the ongoing emphasis WSECU places on well-being. When wildfire overwhelmed Medical Lake, we responded. As homeownership feels out of reach for many, WSECU works quietly to support affordable housing and racial equity.
Education also continues to be a core value of the credit union, so we’re particularly excited about the 2023 release of the CougarCard Plus, a dual WSU ID and debit card that works in conjunction with membership to support financial literacy among college students. And when it comes to the youngest among us, the expanded sponsorship of the Hands On Children’s Museum in Olympia now gives members and their families more time to play and learn.
Our community engagement and the exceptional services we provide are made possible by our ability to sustain a healthy net income. While we expect economic conditions to continue to challenge members and the cooperative this year, our strong positioning will allow us to reinvest in efforts that make your life easier in 2024 — and beyond.
We look forward to growing our services and support for all our members. And you can rest assured we’ll be here for you.
Gary Swindler
President & CEO
Doug Mah
2023 Board Chair
We widened the circle
We widened the circle
A theme for 2023 could be more support for more Washingtonians. With membership now totaling nearly 330,000, we added three new, convenient branch locations to meet members where they are.
- Membership grew nearly 6%. We’re proud of this accomplishment. Not only is it impressive compared to peer credit union growth, it’s also healthy and sustainable.
- Welcome State Highway Credit Union members! In 2023 we merged with the former SHCU and established a WSECU branch in Union Gap — the State Highway Branch. We look forward to seeing you all at 2632 Rudkin Rd.
- Our Ellensburg Branch moved when we acquired a former bank branch and welcomed bank customers as members. We think all our members will love our convenient downtown location. Visit the Ellensburg Branch at 100 N Main St.
- We’re back in the 253! Our new Tacoma: James Center Branch opened in June 2023. Swing by when you get a chance. We’re at 6909 S 19th St, near the community college.
Members received stellar service
We know members are happy with their credit union because you told us. Member satisfaction scores were the highest they’ve ever been. Maybe that’s why we were ranked the number one credit union in Washington state on the Forbes Best-In-State Credit Unions list.
Members received exceptional service
A few highlights in member service:
- We launched live chat in Online Banking. Members now have the convenience of chatting directly with a WSECU team member to get quick answers to their questions.
- Fraud detection got better. Our simplified member verification allows members to feel confident that their accounts are safe any time anyone calls WSECU.
- More financial coaches are now available to offer more robust, personalized member support.
- Calls to our Contact Center were quickly answered. On average, members waited less than a minute to speak to a WSECU team member.
- We cut 15 service and support fees. We did the math and found ways to continue to provide the same level of member support and help members save money.
- We had zero significant cybersecurity incidents. The safety and integrity of your accounts is our top concern, and our dedicated team is diligent in their work to maintain top security.
Member testimonials
Member testimonials
I feel amazing having the credit union in my corner. It’s security. It’s knowing that I can make decisions with confidence. I feel like . . . the future looks really good and I know the credit union is going to be there for me if I need anything.Denise H.WSECU member
Member testimonials
What really makes me feel appreciated when I go to the credit union is they actually try to build up a rapport with you. They try to find out something about you. When I walk into the door, people say, “Hello, Tim.” They call me by my name.“Tie Dye Tim” S. R.WSECU member
Member testimonials
I never lose sight of the support and the help of WSECU to me. They’re engaging; they’re respectful; they’re ever ready to listen, very welcoming, devoted, and dedicated to their work.Virginia D.WSECU member
Member testimonials
I wasn’t so sure it was a scam . . . he still had my account number. I thought “I have to talk to WSECU and take every precaution.” I just went to the front counter. It was really easy, and it was just an immediate, friendly response. For me, the whole process of resolving this was seamless.Simone J.WSECU member
Member testimonials
WSECU treats you as a person, not a number.Suzan E.WSECU member
We reached further to encourage financial education
We reached further to encourage financial education
Every year we partner with colleges and youth organizations to improve access to higher education and help young people develop valuable skills, including financial literacy. Those partnerships continued in 2023 as did WSECU Scholarships, which provided $100,000 in grants for members pursuing higher education. But we kept going, adding even more youth outreach initiatives to our efforts.
- We released the CougarCard Plus, a dual debit card and WSU ID card. With an on-campus Pullman branch, we provide university students with the same access to financial wellness services and coaching that is available to all our members.
- We partnered with social media influencers who offer tips and advice for creating good financial habits. They help their audiences understand different financial products and encourage them to connect with us to learn more.
The joys of Washington are a little more accessible
The joys of Washington are a little more accessible
Many members already know we invest in our communities. The reason we do it? We believe the beautiful moments we help create are worth sharing and are for everyone.
- It might not be the first thing that comes to mind, but homeownership can be a joy. We’re especially proud of our work with the Evergreen Impact Housing Fund to create more affordable housing to fulfill the dream of homeownership for earners with all levels of income.
- As part of our partnership, the Hands On Children’s Museum in Olympia extended its discount days for WSECU members. Members who visit the museum with children now receive a 50% discount every weekday. Have fun, learn and explore at 414 Jefferson St NE, Olympia.
- Check Out Washington continues to grow with funding from WSECU. More than 500 Adventure Packs and Discover Passes are now available for library checkout, with Bellingham Public Library, Ellensburg Public Library, Fort Vancouver Regional Library and Whatcom County Library System joining the 10 other participating libraries and library systems.
Members and staff joined us for natural disaster relief
Members and staff joined us for natural disaster relief
It would be amiss not to recognize the difficulties our members and neighbors faced as several fires ravaged neighborhoods and communities in 2023. We’re grateful to the many members and staff who share our values and jumped in with their time and donations.
- WSECU and our staff and members jointly donated nearly $40,000 to fire relief and food banks to aid those affected by the fires in Medical Lake.
- Our Member Solutions team assisted more than 21,000 members who experienced financial challenges or were in a natural disaster area.
We attracted and hired diverse, top-tier talent
We attracted and hired diverse, top-tier talent
As a premier Washington state employer, we’re able to attract and hire exceptional service- and community-minded staff for our branches and offices, positioning us to better support all members.
- We hired 177 new employees last year, putting us over 800 strong.
- More than half our staff took advantage of our volunteer program, completing 2,615.75 hours of service. We expect even greater participation next year.
- We’re proud that our employees represent the diversity of our communities, truly making WSECU the cooperative for our members and for Washington.
Notable numbers from financials
We promised to say yes to loans more often. Last year when many other financial institutions restricted lending, WSECU grew loans by 12%. We knew that taking on more loans when we have modest deposit growth would increase our borrowing position, but it was the right thing to do for our members in these challenging times. That loan growth, coupled with the risks associated with the rate environment and inflation, has us increasing our reserve for potential loan losses. All the while, we remain focused on operational efficiency and watching our expenses.
- Office expenses were reduced by 5.5%.
- Member earnings on share accounts grew 419%.
- Members saved nearly $2.5 million from fees that were cut or reduced in late 2022 and in 2023.