Visit us online at peoplescu.com
SUMMER 2023
Member Connection Dear Member,
Your Credit Union team is excited about completing the Middletown Branch renovations. The investments to modernize our most active branch and its extended hours will result in a better member banking experience. We also continue to invest in improving technology with ATM upgrades, our digital assistant IDA, account aggregation, and credit scoring and reports. As we evaluate new technology enhancements, our goal is to ensure they will provide meaningful banking tools for you. Please let us know if there are additional enhancements you would like us to evaluate. Since it has been five months since Silicon Valley Bank was shut down, I wanted to provide an update, and I am pleased to share that your Credit Union continues to have strong liquidity and capital to weather the current economic challenges. As you may know, liquidity is a measure of the cash and other assets we have available to quickly meet short-term financial obligations, while capital is a measure of the resources we have to invest in member enhancements and absorb losses. Although our net income is expected to shrink in 2023 due to deposit costs increasing faster than loan income, we are projected to be profitable. Our priority on member service and our investments in people, facilities, and technology have never been more important. The economic environment continues to be uncertain, but we are confident that we will manage through this challenging cycle with our team and your support. We appreciate your continued trust in us with your most important financial assets. Thank you for being a valued member.
Sean Daly, Head of People's Credit Union
FEDERALLY INSURED BY NCUA. People’s Credit Union’s NMLS ID#: 439939
Locations
Bristol 50 Gooding Avenue 401.253.6500
Middletown 858 West Main Road 401.846.8930
Newport 43 Memorial Boulevard 401.846.1965
North Kingstown 7490 Post Road 401.885.9660
Portsmouth 2537 East Main Road 401.683.3166
Wakefield
150 Old Tower Hill Road 401.789.5551