2023 Annual Report

Your trusted credit union since 1936

A message from our Chair

The Board of Directors is happy to report that 2023 saw many accomplishments, even in the midst of an economic slowdown that affected many financial institutions as well as their members. The hard work of all our employees paid off and we were able to hit many milestones for our members.

We were true to our mission statement of making our members’ financial lives better by continuing to improve our delivery channels. Members communicated with us in many ways, among them online, in person, through secure messaging, or via chat and video. We also instituted comprehensive member surveys; your feedback is always welcomed because we want to make improvements wherever we can to serve you better. Our members showed their support by utilizing their credit union’s products and services, so much so that we hit a historic loan to share ratio of 80% (meaning that 80% of our members’ deposits were loaned out). This contributed to shoring up our net worth and enabling the credit union to make $5.4 million in net income. This income will be used to further enhance the products and services we offer our members.

In addition, WPCCU’s continued focus on the communities served was highlighted with the implementation of grant funds. This past year, grant funding was used for The Los Angeles Cleantech Incubator’s science, technology, engineering and math fields program (STEM). The project helped build a pipeline of future female innovators from local middle schools by incorporating hands-on prototype development to address real-world problems. The grant will help fund staff and supplies for the students.

As always, our gratitude goes out to our core sponsor group, The Los Angeles Department of Water and Power. The support from the department employees who choose us as their primary financial institution makes us a stronger organization and we want to represent even more of you.

On behalf of the Board of Directors, I want to extend a heartfelt thanks to our members for their unwavering support. Also, I would like to acknowledge the credit union staff for their dedication to serving our members.

Nora Yusa
Chair, Board of Directors