Workers Credit Union in Fitchburg, Mass., on Thursday said its assets grew by 10 percent to about $1.8 billion in 2018.
The credit union earned about $11.5 million in 2018, up almost 82 percent from a year earlier, according to its call report data. Net interest income was up more than 23 percent, to $40 million, from a year earlier. Noninterest income totaled $21.5 million, up about 13 percent, as the credit union recorded a greater gain on investments, according to its call reports.
As of Dec. 31, 2018, it was well capitalized with a net worth ratio of 10.2 percent.
Last year, the credit union started Workers Insurance Agency,
The CU also upgraded its mobile banking and returned $3.1 million to members via its give back program.
“We are happy to be the credit union that more than 100,000 people rely on to support their financial goals,” Doug Petersen, president and CEO of Workers Credit Union, said in a press release. “We are looking forwarding to growing in 2019 and offering more for our members across Massachusetts.”
Workers CU is continuing to upgrade its infrastructure via investments in technology and its branch network, Petersen said. Later this year, it will launch a new mobile account opening platform, new loan origination software and video tellers. The result will be faster loan decisions, the CU said.
In addition to technology enhancements, the CU is building a new
