Whatcom Educational Credit Union

Filing Period

Jan 1, 2012 to Dec 31, 2012

Signed

Nov 4, 2013

Return Version

2012v2.1

Gross Receipts

$54,711,356

Mission

Major Activities

Activity 2

Other consumer loans: along with credit card loans, wecu offers auto, boat, rv, personal, secured, timeline, and other consumer loans. 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 2012, we issued 3,748 consumer loans (excluding credit cards) to our members, totaling $37 million. Wecu also provides access to the balance financial fitness program free of charge to members. Professional financial counselors at balance provide direction and support to any of our members who need help managing their debt and getting their personal finances back on track. In 2012, there were over 1,060 instances of members using this service.

Activity 3

Real estate loans: wecu offers residential real estate loans with very competitive rates and low fees, member education seminars related to buying a home, and home $tart program loans through the federal home loan bank of seattle. During 2012, we funded approximately 1,455 residential first mortgages to our members. At the end of 2012, wecu had over 2,205 residential first mortgage loans outstanding which equates to a household penetration of about 4.5% in our membership portfolio. However, as of the end of 2012, we were also servicing an additional 1,935 in sold residential first mortgages to our members, increasing our overall real estate penetration to about 8.5%. The average balance of residential first mortgage loans being serviced by wecu is approximately $159,459. In addition, wecu participates in home $tart. Often referred to as the american dream program, home $tart is a joint program through the federal home loan bank of seattle, and it promotes home ownership by helping first-time home buyers earning up to 80% of the areas median income to purchase a home. The home $tart program provides $3.00 for every $1.00 a family contributes, up to $5,000. Home $tart grants may be used for down payments, closing costs, or rehabilitation of an owner occupied housing unit, to be used as the households primary residence. Grants may be used in combination with funds from other sources. Our next years goal is to surpass the number of first-time home buyers by providing educational seminars, individual counseling as well as closing cost assistance thus enabling our neighborhood families to realize their american dream.other program services: checking accounts/debit cards.checking accounts at wecu offer maximum convenience with no or few fees. We have five checking account options: regular checking with no monthly service fees or per check charges, check plus, which is dividend bearing, and if you maintain a certain minimum balance each month, there is no monthly service fee; money market checking, business economy checking, and business basic checking. Checking accounts are made more convenient with our visa debit card, around the clock access with e-max and tele-max, direct deposit, automatic payments, and stop payment options. Overdraft protection is also available on all checking accounts. Our visa debit card is an atm card, a debit card, and an electronic check all rolled into one. With this card, members have access to more than 25,000 surcharge-free atms throughout the united states and canada. Our visa debit cards are online, so purchases or withdrawals come directly out of our members checking account. Wecu now owns 17 atms throughout whatcom county, and our members have surcharge-free access to all atms that display the co-op network logo. About 78% of our adult members have a checking service with wecu. In all, there are over 51,800 members with checking service, and over 44,816 visa debit card holders.community involvement: while technically not a chartered service, it should be highlighted that wecus passionate commitment to community service is manifested in the support of a large number of local education, health, and community concerns. Wecus donations and scholarships totaled over $268,079 in 2012, and were made to approximately 200 organizations and schools.

Filer

EIN

91-0712539