In 2021, GSCU continued to navigate challenges presented by the ongoing pandemic and its impact upon business operations across all industries. With a comprehensive business contingency plan in place, GSCU ensured that branch drive-ups remained open to serve our members’ needs. And GSCU also realized tremendous growth, new opportunities and positive trends this past year!
The credit union demonstrated impressive growth with member deposits increasing more than $66 million, and total loan balances growing by more than $21 million. The Feeling Lucky Consumer Loan promotion offered in the spring and fall, helped members by funding more than $31 million in loan balances. Members who closed on a secured consumer loan during the promotion were entered for a chance to have a portion of their loan payments made by the credit union. GSCU also helped members with unsecured loans to ensure they had the resources to manage unexpected bills, or to consolidate high-interest debt into a manageable payment that fit their budget needs. Nearly 600 members took advantage of the $250 Bonus Cash promotion which allowed members to receive up to $250 in bonus cash along with their unsecured loan. New Hampshire continued to realize very low real estate inventory which contributed to the ongoing trend in members accessing the equity in their existing homes to fund renovations. Whether to create more room with an addition, or build a vacation-worthy backyard space, GSCU’s equity options combined with low interest rates helped to make it happen. Our staff were ready to help members realize their dreams and save money with a variety of loan options!
In 2021, more than $5 million dollars was added to reserves resulting in a capital ratio of 8.05% with regulatory standards continuing to rank the credit union as “well capitalized”. GSCU ended the year with more than $602 million in assets, up more than $71 million from 2020.
Innovation and technological advancements continue to play an important role in enhancing member account access, with the credit union adding new channels for members to manage and conduct account transactions. This included the introduction and launch of Interactive Teller Machines (ITMs) at our Concord, Manchester and Nashua locations. Members now have the ability to use the ITMs as a traditional ATM, or to access a Live GSCU Representative during business hours. ITMs also provide additional account management including cashing checks, making loan payments or speaking with a Live Representative about account related questions. We are excited to share this convenience across our branch network as we deploy more ITMs to many of our locations in 2022.
September marked the opening of our new Nashua Branch. Located at 190 Broad Street, just off of Exit 6, this convenient location features ample parking, four drive-up ITM lanes, and offices for members to conduct business, as well as improved safety and security. If you haven’t visited yet, we invite you to stop by soon!
But the growth isn’t stopping there! GSCU is expanding its branch network with the addition of a new branch location in the Rochester community. Opening up this summer, the Rochester branch, located at 7 Two Rod Road is currently under construction. It will feature 3 drive-up ITM lanes, concierge service inside with a 3 ITM Teller Line, private offices for members to conduct business, ample parking and more! We look forward to sharing the #LIVEBOLDNH experience with the Rochester community and surrounding areas!
It is an exciting time of growth and optimism as life begins to start looking and feeling a bit more normal than the last two years. Throughout it all, we remained true to our core values of Integrity, Respect, Commitment, Innovation and Passion, even in the most difficult of times. We value each of our members and thank you for your continued support and membership.