Westport Credit Union holds Annual Meeting

WESTPORT – On March 24, the 67th Annual Meeting of Westport Credit Union was held at White’s of Westport.

William Baraby greeted members in attendance. He called for a moment of silence in honor of Charlene Wood, a long-time member, who passed away last year. Director Paul Hebert was notably absent. Chairman Baraby said that he was in the hospital and unable to attend the meeting. Members were informed that Director Hebert would be resigning this year. Chairman Baraby personally thanked Director Hebert for his dedication to the Board, as well as the many achievements on behalf of the members. Everyone present applauded in appreciation.

Chairman Baraby stated that the Credit Union is always striving to provide better services for its members. Some new services include fraud alerts, opening accounts on-line, submitting loan applications on-line, telephone system upgrade, renovations to the lobby, repaving of the parking lot, and quicker and easier loan approval. He pointed the members to an advertisement being aired on Channel 12, Fox TV38 and a Rhode Island cable channel, featuring the Credit Union’s Marketing/Business Development Manager, Katie Greene. He recognized the staff of the Credit Union for their dedication and loyalty.

The membership report was given by Antonio Cestodio for year ending December 31, 2018. The credit union had 363 membership applications of interest. The credit union now has 6,763 members representing 9,800 accounts. The average share balance per member is $6,238.96.

Wallace Fletcher reporting for the credit committee reported that during 2018, the credit union processed 412 loan applications totaling $13,848,747. Of the total loans requested, 367 were approved (94% approval ratio) representing $13,002,292. There were 45 declined applications totaling $846,435.

James Driscoll, Chairman of the Nominating Committee, hereby nominated the following members for re-election for a three year term as directors: James Coyne, Wallace Fletcher and Melissa Couto. A motion was made, seconded and passed unanimously to re-elect James Coyne and Wallace Fletcher, and elect Melissa Couto to the Board.