Point West Credit Union Completes Net Worth Restoration Plan
January 2, 2014
Jan. 2, 2014
Point West Credit Union
Point West Credit Union announced this week that it has completed an approved Net Worth Restoration Plan with the National Credit Union Administration, two years ahead of schedule.
“This was a monumental and hard-won achievement for Point West and its members, but it’s a testament to the resolve of all involved to see Point West emerge stronger than ever,” said Amy Nelson, Point West’s co-CEO and chief operating officer.
Point West initiated prompt corrective action with regulators in 2008 and began creating its Net Worth Restoration Plan as the nation’s financial crisis took a toll on the credit union’s membership and, ultimately, on its financials. Initially approved by the NCUA in 2009, the plan was revised three times before being reapproved in April 2010.
“Our net worth dropped so low, we had to do it again,” Nelson said. Retooling Point West’s lending program, rebranding with a tight budget, replacing outdated technology and updating a non-compliant website were all part of the plan, and Nelson said it would not have happened without business partners who believed and gave more than expected.
“In the true cooperative spirit of credit unions, the growth and success of the past few years is thanks to the hard and generous efforts of everyone working together,” Nick Hodson, Point West’s co-CEO and chief financial officer, agreed. “Without the assistance and support of our local credit unions, examiners, auditors, business partners, staff and, of course, our members, we would not be where we are today.”
Completion of the Net Worth Restoration Plan is effective as of July 2013, and the credit union said it is continuing to look to the future with new initiatives and even better service. Point West recently received its Low Income Designation from the NCUA, and it is rebuilding its technology infrastructure to better serve its 9,500 members in the Portland metro area.
Later this month, Point West will unveil remote-check-deposit capabilities for its members’ mobile devices, for example. And Steve Pagenstecher, Point West’s marketing and member experience manager, said the credit union is poised to increase its social media presence.
“It’s an exciting time for all of us at Point West,” Nelson said. “We are focused on building a strong, enduring financial cooperative dedicated to the financial health of our members and community in the months and years to come.”
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