During 2019, the credit union grew more than $14 million in member deposits, with nearly $6 million going into checking accounts as more and more NH residents and families selected Granite State Credit Union for their basic banking needs.

Outstanding loan balances increased by more than $20 million this year as the credit union assisted more members with buying or refinancing new cars, other vehicles or homes. Net loan growth is the result of new loans issued less repayments. In total, the credit union issued over $93 million in new consumer loans to members. An ongoing trend is improving members’ financial well-being with many individuals consolidating debt to reduce monthly payments. Over $23 million was issued in unsecured loans which includes loans for a variety of purposes such as weddings, braces, veterinary costs, etc., as well as for debt consolidation. Our staff loves helping members realize their dreams or to simply save money by looking creatively at loans that work best to meet their needs.

The credit union is a non-profit cooperative formed to assist members in managing their deposit accounts, and to offer convenient access to credit. As a result of these successful activities in 2019, more than $4 million dollars was added to reserves. The capital ratio grew to 9.03% with regulatory standards continuing to
rank the credit union as “well capitalized”.

New activities in 2019 included a series of member and non-member focus groups to gather information as the credit union redesigned its logo and refreshed member
communication to better capture the essence of the credit union and its philosophy. A new logo will be debuted mid-year 2020, in time for our 75th anniversary celebration. UChoose, the debit card rewards program, was updated to allow members using their debit cards to accumulate rewards more quickly, including
cash back for using their Granite State Credit Union debit card. A new service was added to allow members to instantly open their deposit accounts and apply for a loan simultaneously all accessible through our website. In addition, the use of electronic remote closings made accessing loan proceeds faster and more convenient.

Social media channels such as Facebook and Instagram, as well as the web site continue to feature educational information for members and timely fraud and other alerts to help members stay informed and protect their financial lives. Top notch service, convenient branch locations and user-friendly technology for members continue to be a priority. In a changing world, the credit union is committed to maintaining the key services members want and need, while improving access and offerings to save members time and money.

Thank you for your continued support and membership. We truly value the patronage of our members and the referral of friends and family to the credit union. We look forward to serving you successfully in 2020 and beyond.

Denise Barstow, President & CEO