Organizations Filed Purposes:
WHATCOM EDUCATIONAL CREDIT UNION (WECU) IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE WHERE MEMBERS ARE ENCOURAGED TO SAVE AND BORROW RESPONSIBLY AT FAIR AND COMPETITIVE RATES, IMPROVING THEIR FINANCIAL WELL-BEING AND STANDARD OF LIVING. THIS STATE-CHARTERED CREDIT UNION IS A MEMBER OF THE NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE FUND, AND IS REGULATED BY THE NATIONAL CREDIT UNION ASSOCIATION, AND THE STATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS - DIVISION OF CREDIT UNIONS. WECU'S MAIN PRODUCTS ARE CONSUMER LOANS, REAL ESTATE LOANS AND COMMERCIAL LOANS TO MEMBERS, WHICH ARE PRIMARILY FUNDED BY DEPOSITS FROM MEMBERS. FINANCIAL EDUCATION AND COMMUNITY SERVICE ARE ALSO AN INTEGRAL PART OF WECU'S OPERATIONS AND SPIRIT OF SERVICE.
OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS.
CONSUMER LOANS (CREDIT CARDS, AUTO, PERSONAL AND OTHER TYPES):WECU OFFERS SEVERAL TYPES OF CREDIT CARDS TO MEMBERS. EACH CARD INCLUDES BENEFITS SUCH AS CASH BACK ON PURCHASES, NO ANNUAL FEE, LOW FIXED INTEREST RATE, TRAVEL ACCIDENT INSURANCE AND OPTIONAL PAYMENT PROTECTION. AT THE END OF 2018, WECU HAD 27,525 CREDIT CARDS OUTSTANDING WITH OVER $145 MILLION IN CREDIT LIMITS.ALONG WITH CREDIT CARD LOANS, WECU OFFERS AUTO, BOAT, RV, TIMELINE AND OTHER CONSUMER LOANS. WECU ALSO OFFERS A CREDIT BUILDER LOAN SOLUTION FOR AUTO LOANS TO ASSIST MEMBERS WITH ESTABLISHING AND/OR BUILDING CREDIT ACTIVITY. WE HAVE VERY COMPETITIVE RATES AND OFTEN FUND VERY SMALL LOANS THAT OTHER FINANCIAL INSTITUTIONS WOULD NOT. IN THIS CAPACITY, WECU FILLS A CRITICAL ROLE IN THE MICRO-LENDING ECONOMY. IN 2018, WE GRANTED 11,420 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $346 MILLION. WECU ALSO PROVIDES ACCESS TO FINANCIAL COUNSELING FREE OF CHARGE TO MEMBERS. THIS SERVICE CAN PROVIDE DIRECTION AND SUPPORT TO ANY OF OUR MEMBERS WHO NEED HELP MANAGING THEIR DEBT AND GETTING THEIR PERSONAL FINANCES BACK ON TRACK.
REAL ESTATE LOANS:WECU OFFERS RESIDENTIAL REAL ESTATE LOANS WITH VERY COMPETITIVE RATES AND LOW FEES. WECU ALSO OFFERS MEMBER EDUCATION SEMINARS RELATED TO BUYING A HOME. AT THE END OF 2018, WECU HAD 4,939 RESIDENTIAL MORTGAGE LOANS OUTSTANDING, TOTALING OVER $627 MILLION. WE WERE ALSO SERVICING AN ADDITIONAL 2,605 IN RESIDENTIAL MORTGAGES FOR OUR MEMBERS, TOTALING OVER $427 MILLION. THE AVERAGE BALANCE OF A RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $181,040. WECU ALSO PARTICIPATES IN THE HOME$TART PROGRAM THROUGH THE FEDERAL HOME LOAN BANK OF DES MOINES. THE PROGRAM HELPS FAMILIES EARNING UP TO 80% OF THE AREA'S MEDIAN INCOME PURCHASE A HOME BY PROVIDING GRANTS WHICH MAY BE USED FOR DOWN PAYMENTS, CLOSING COSTS, OR REHABILITATION OF AN OWNER-OCCUPIED HOUSING UNIT.
BUSINESS LOANS: WECU OFFERS SEVERAL TYPES OF BUSINESS LOANS - COMMERCIAL REAL ESTATE, LINES OF CREDIT, COMMERCIAL TERM LOANS, LAND/LOT LOANS AND OTHERS. WECU ALSO FACILITATES BUSINESS LOANS THROUGH THE SBA 504 LOAN PROGRAM. AT THE END OF 2018, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 708 LOANS FOR A TOTAL OF $269 MILLION. WECU HAS SEEN A STEADY GROWTH IN OUR MEMBER BUSINESS LOAN PORTFOLIO SINCE ITS INCEPTION IN MAY 2001. THIS GROWTH SERVES AS EVIDENCE OF THE NEED FOR A LOCAL FINANCIAL INSTITUTION OFFERING BUSINESS LOANS WITH LOW FEES AND COMPETITIVE RATES.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Jennifer E Kutcher | PRESIDENT/CEO/TREASURER | 50 | $568,056 |
| Jeffrey R Dykstra | EVP | 45 | $283,066 |
| Jack Ingram | CHIEF INFORMATION OFFICER | 45 | $241,148 |
| Cynthia Chase Klein | CHIEF HUMAN RESOURCES OFFICER | 45 | $227,836 |
| Brandon James Hahnel | VP, FINANCE (LEFT 11/18) | 45 | $213,680 |
| Erynne Maria Hallock | VP, RETAIL DELIVERY | 45 | $198,585 |
| David Pierce Jones | CHIEF MARKETING OFFICER | 45 | $196,480 |
| Matthew Henry Berendsen | VP, LENDING | 45 | $176,808 |
| Kent D Bouma | VP, BUSINESS BANKING | 45 | $175,400 |
| Michael Peter Yeend | CREDIT ANALYSIS TEAM LEADER | 40 | $161,443 |
| Patti A Moser | SENIOR VENDOR RELATIONSHIP MANAGER | 40 | $159,340 |
| Janet Marie Mcgary | DIRECTOR OF RETAIL OPERATIONS | 40 | $152,091 |
| Aaron Heath Whitson | BUSINESS BANKING CREDIT ADMINISTRATOR | 40 | $149,868 |
| Grant Dykstra | BUSINESS BANKING SENIOR LOAN OFFICER | 40 | $134,449 |
| Nicholas A Hodson | CHIEF FINANCIAL OFFICER | 45 | $88,686 |
| Lesley Fox | CFO (LEFT 1/18) | 40 | $42,518 |
| Carol Lager | CHAIR | 4 | $2,822 |
| David Waschke | DIRECTOR | 4 | $1,879 |
| Ashok Khanna | DIRECTOR | 4 | $1,344 |
| Bruce Burpee | DIRECTOR | 4 | $1,240 |
| Dale Zender | DIRECTOR | 4 | $0 |
| Margo Hammond | DIRECTOR | 4 | $0 |
| Cathie Oberg | DIRECTOR | 4 | $0 |
| Kristi Lewis Tyran | SECRETARY | 4 | $0 |
| Harte Bressler | VICE-CHAIR | 4 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/201923199349312907_public.xml