Navigant Credit Union Continues Strong Growth

SMITHFIELD, R.I. – JANUARY 28, 2014 – Navigant Credit Union’s annual report was presented to shareholders Monday, and it shows that the credit union grew in 2013.

In 2013, Navigant Credit Union’s total assets increased by 10 percent, or more than $133 million, ending the year with total assets of $1,459,045,905. The growth was largely due to an increase in lending and the successful merger with the former Columbus Credit Union.

Because of Navigant Credit Union’s successful year, its members will receive a bonus dividend of 2 percent for interest accrued on accounts in 2013. This is the 25th consecutive year that members have been awarded such a dividend.

“We have always believed in operating in the best interest of our members and the most effective way we have done that is by taking a conservative management approach,” said Charles H. DeBlois Jr., chairman of the credit union’s board of directors.

Among the many highlights for Navigant Credit Union in 2013 was its merger with Columbus Credit Union. The merger led to new Navigant Credit Union branches in Warren and Riverside and added about 6,500 new members.

Overall, Navigant now serves more than 63,000 members.  

Navigant Credit Union also started the “New Beginnings” loan to help those who do not qualify for traditional home loans, and it joined The Alliance for Nonprofit Growth and Opportunity, Inc. (TANGO), an organization that helps local nonprofit organizations, as a financial services provider.

Navigant Credit Union prides itself on its community service, and the credit union remained active in local communities throughout 2013. Some notable contributions were the donation of an inflatable rescue boat to the East Providence Fire Department, a raffle to encourage Lincoln residents to support businesses on Front Street, and $10,000 in college scholarships were awarded to local graduating high school seniors.

Navigant Credit Union also teamed up with Rhode Island General Treasurer Gina Raimondo to educate students about financial literacy; continued sponsorship of the Navigant Credit Union Running Festival, and helped package and deliver Thanksgiving meals at the Pawtucket Salvation Army.

 “Our roots run deep in all the communities, families and businesses we serve, and I promise that our commitment will not diminish,” Furtado said.

In addition to noteworthy philanthropic efforts and financial success, Navigant Credit Union was recognized in 2013 by The Providence Business News for being one of the best places to work in Rhode Island.

“Our employees each play a role in ensuring that Navigant Credit Union continues to be a local institution that gives back,” Furtado said. “Navigant Credit Union was honored to be recognized as a top place to work.”

As Navigant Credit Union reflects on its 2013 accomplishments, it is already looking forward to 2014.

In 2014, Navigant Credit Union will complete a multi-year project to upgrade all its major technology systems to improve member services.  

About Navigant Credit Union

Based in Smithfield, R.I., Navigant Credit Union is Rhode Island's oldest credit union. Navigant Credit Union has provided its members with unparalleled financial products and services, as well as community support, for more than 98 years. With more than $1.4 billion in assets, more than 63,000 members and 13 branches, Navigant Credit Union supports its members through access to products and services, conservative financial management and commitment to the communities where we operate. The Providence Business News named Navigant Credit Union one of the 2013 Best Places to Work in Rhode Island.

Visit www.navigantcu.org to learn more.