Westerly Community Credit Union

What Westerly Community Credit Union does

Westerly Community Credit Union (WCCU) is a member-owned, not-for-profit cooperative financial institution founded in 1948, headquartered at 122 Granite St., Westerly, Rhode Island. It operates as a community credit union serving individuals and small businesses in Rhode Island and adjacent New London and Windham counties in Connecticut, with five physical branches (Westerly x2, Richmond, Wakefield, Coventry), an Interactive Teller Machine (ITM) at the Coventry location, over 90 surcharge-free ATMs in-network, and a digital eBanking platform with mobile app supporting bill pay, remote deposit, and digital wallet integration (Apple Pay, Google Pay, Samsung Pay). Membership deposits are federally insured by the NCUA up to $250,000.

The product set spans consumer and small-business banking: checking (Free, eChecking with up to 3.50% APY, Cashback Checking with 3% rewards, Youth), savings (Share, Diamond high-yield, #Goals 12-month, Rewards relationship-tiered, Youth, Money Market with tiered APY up to 3.05%, and CDs from 3 months to 5 years), lending (fixed and adjustable-rate mortgages up to $832,750, jumbo mortgages, home equity lines and loans up to $500,000, auto loans starting at 4.49% APR, personal loans up to $50K at 9.49% APR, and personal lines of credit at 12.75%), business banking (Free Business Checking, interest-bearing business checking, business money market, Express Business Loans, SBA Loans, Commercial Real Estate Loans, Business Credit Cards), and add-on protections (GAP Advantage, Mechanical Breakdown Protection via AssureGuard, TruStage insurance, overdraft coverage). Wealth management is offered through a referral partnership with LPL Financial, including complimentary virtual workshops on Social Security, Medicare, and retirement planning.

WCCU's revenue model is a blend of net interest income on loans and deposit float, transaction fees (overdraft at $29.50/item, $5 savings transfer), and affiliate/commission income from insurance (TruStage, GAP Advantage) and wealth-management referrals (LPL). The go-to-market is community-led and direct-to-consumer: physical branch presence in southern Rhode Island towns, online loan and account origination, a "Care You Can Bank On" community giving program including donations, sponsorships, and teacher grants, and an Everfi-powered Financial Education Center. The institution is governed by a member-elected board, has no parent company or outside shareholders, and reported leadership transition to Andrew Rogers as CEO in February 2026 (previously President since July 2025, with 24+ years tenure at WCCU).

Name

Westerly Community Credit Union

Legal name

Westerly Community Credit Union

Website

https://westerlyccu.com

Company type

Private

Founded year

1948

Operating status

Operating

Headcount range

11–50 employees

Short description

Westerly Community Credit Union is a member-owned, not-for-profit cooperative founded in 1948, serving individuals and small businesses in Rhode Island and eastern Connecticut through five branches, digital banking, mortgages, consumer and business loans, and wealth-management referrals via LPL Financial.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Retail banking services
• Consumer lending
• Mortgage lending
• Business banking
• Savings accounts

Headquarters

HQ city

Westerly

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgages, auto loans, personal loans, and home equity products
2. Overdraft and Fee Income: Fees from overdraft protection services ($29.50 per item), ATM fees, and various account service charges
3. Insurance Products: Commission revenue from GAP Advantage, Mechanical Breakdown Protection, and TruStage insurance products offered through partnerships

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Westerly Community Credit Union is a member-owned cooperative financial institution that provides personal and business deposit accounts, mortgages, home equity loans, auto loans, personal loans, business loans (including SBA and commercial real estate), credit cards, debit cards, digital banking, and member-discounted insurance and wealth management services. Membership is open to individuals who live or work in Rhode Island, New London County, or Windham County, Connecticut, and accounts are NCUA-insured up to $250,000.

Product overview

Westerly Community Credit Union offers a comprehensive suite of financial products and services organized as a unified banking platform with specialized product categories. The core offerings include multiple checking accounts (Free Checking, eChecking with up to 3.50% APY, Cashback Checking with 3% rewards, and Youth Checking), savings accounts (Share Savings, Diamond Savings high-yield account, #Goals 12-month savings, Rewards Savings, and Youth Savings), and certificates of deposit with terms from 3 months to 5 years. Loan products span mortgages (fixed-rate 15/20/30-year, adjustable-rate 3/1/5/1/7/1, jumbo, and refinance options), home equity (Flex Equity Line of Credit and fixed-rate Home Equity Loans), auto loans (Car & Motorcycle Loans as low as 4.49% APR), personal loans (up to $50,000 unsecured), and business loans (Express, SBA, Commercial Real Estate). Add-on protections include GAP Advantage vehicle gap coverage, Mechanical Breakdown Protection (extended warranty), Overdraft Coverage services, and TruStage Insurance discounts. The platform integrates digital banking (eBanking with mobile app, bill pay, remote deposit), debit Mastercard access across NYCE/CIRRUS networks, and digital wallet support (Apple Pay, Google Pay, Samsung Pay). Youth financial education is supported through a Greenlight partnership providing free debit cards and financial literacy apps for kids. Wealth management and investment services are offered through LPL Financial, with complimentary virtual workshops covering retirement, Social Security, and Medicare topics.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Checking Account No-minimum-balance checking account for personal members with unlimited check-writing, free eBanking, electronic Bill Pay, mobile check deposit, Mastercard Debit Card, and surcharge-free ATM access.
• eChecking Account Digital-focused checking account for personal members earning up to 3.50% APY on balances under $20,000 (0.50% APY above $20,000), with no monthly fees, up to $20 monthly ATM fee rebate, free eBanking, and Bill Pay.
• Cashback Checking Account Personal checking account that earns 3% cashback on everyday purchases up to $333 per month (maximum $10/month cashback), with early direct deposit, no monthly service fees when direct deposit is maintained, and a $5 monthly fee otherwise.
• Youth Checking Account Checking account for teens ages 10-17 with no overdraft fees, free ATM/Debit card, eBanking access, mobile wallet support, and parent/guardian oversight features.
• Share Savings Account Basic savings account for personal members requiring a $5 minimum deposit to open, earning dividends on deposits with free ATM access and 24/7 eBanking.
• Diamond Savings Account High-yield savings account with a $25 deposit to open, earning the credit union's highest rate on balances under $25,000, with no fees and ATM/Debit Mastercard access.
• #Goals Savings Account 12-month goal-based savings account with automatic transfers from checking, earning a high fixed interest rate, with all savings transferred back to the primary checking account at the end of the term.
• Rewards Savings Account Savings account with an interest rate based on total balances across all WCCU savings and loan accounts, rewarding members for their overall relationship with the credit union.
• Youth Savings Account Savings account for children ages 0-17 with a $5 minimum deposit to open, free ATM card for ages 10-17, and eBanking features for teens.
• Advantage Money Market Account Tiered personal money market account earning 1.00% to 3.05% APY across balance tiers from $100 to $250,000+, with check-writing access and no monthly service charges (requires active eChecking).
• Certificates of Deposit (Share Certificates) Fixed-rate savings certificates (CDs) for personal members with terms ranging from 3 months to 5 years, a $500 minimum deposit, higher dividends than standard savings, and an early withdrawal penalty.
• IRA Savings Account Individual Retirement Account savings product with tiered APYs from 0.10% to 0.45% based on balance, requiring a $25 minimum balance to open.
• Fixed Rate Mortgages Fixed-rate mortgage loans for home purchases and refinancing in 15-, 20-, and 30-year terms, with loan amounts up to $832,750 and rates starting at 5.875%.
• Adjustable Rate Mortgages Hybrid adjustable-rate mortgages (ARMs) with 3/1, 5/1, and 7/1 structures, offering initial fixed-rate periods followed by annual adjustments tied to Treasury rates.
• Jumbo Mortgages Mortgage loans for residential property financing amounts exceeding $832,750, for higher-value properties.
• Flex Equity Line of Credit Variable-rate home equity line of credit with a standard 6.50% APR, introductory rates of 5.740% for 12 months or 6.240% for 24 months, and the option to convert balances to fixed-rate advances.
• Home Equity Loan Fixed-rate home equity loans with terms of 5 to 20 years, loan amounts up to $500,000, and rates starting at 5.875% for 5-year terms.
• Refi Home Loan Specialized refinance loans for existing mortgages with terms from 8 to 20 years, rates starting at 5.625%, and a maximum loan amount of $350,000.
• Car & Motorcycle Loans Vehicle financing for new and used cars, trucks, SUVs, and motorcycles with rates as low as 4.49% APR, no payments for 60 days, and easy online pre-approval.
• Home Improvement Loan Fixed-rate loans for home improvements with terms of 5, 7, or 10 years, borrowing up to $50,000 at rates starting at 8.25% APR.
• Personal Loans Unsecured personal loans up to $50,000 with fixed rates starting at 9.49% APR, repayment terms up to 5 years, and no collateral required.
• Personal Lines of Credit Revolving personal credit lines up to $25,000 with a variable rate of 12.75% APR, providing flexible access to funds via eBanking, check, phone, or branch.
• Credit Cards Credit card products for personal use offering purchasing power and rewards programs.
• Free Business Checking Business checking account with no monthly fees, no minimum balance requirements, and access to WCCU business banking services.
• Free Business Checking with Interest Interest-bearing business checking account earning 0.05-0.15% APY based on balance tiers, requiring a $10 minimum deposit to open.
• Advantage Business Money Market Account Business money market account earning 1.05-2.80% APY across tiered balance levels from $0 to $250,000+, with a $2,500 minimum deposit and no monthly fees.
• Business Express Loans Quick-approval business loans designed for fast small business financing needs.
• SBA Loans Small Business Administration (SBA) loans providing government-backed financing options for business growth and operations.
• Commercial Real Estate Loans Financing for commercial property purchases and commercial real estate development projects.
• Business Credit Cards Credit cards designed for business expenses with features for managing business finances and earning rewards.
• eBanking Online and Mobile Platform Online and mobile banking platform providing 24/7 account access, bill payment, bank-to-bank transfers, remote check deposit, alerts, and account management for WCCU members.
• Debit Mastercard

Quantifiable outcome

• Auto loan rates as low as 4.49% APR
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• GreenlightminorGTM or Marketing PartnerPartnership offering free Greenlight SELECT debit card and financial literacy app for WCCU members' children. Greenlight provides money management tools, chores/allowance features, and educational games for kids. Members receive free access to Greenlight SELECT plan (valued at $70 annually) when connecting WCCU checking account as funding source.
• TruStage Insurance (CMFG Life Insurance Company)minorGTM or Marketing PartnerPartnership offering TruStage Auto and Life Insurance products to WCCU members at discounted rates. CMFG Life Insurance Company, founded over 80 years ago, has helped protect over 20 million people nationwide. WCCU earns referral commissions from this partnership.
• LPL FinancialcoreImplementation/ SI/ Consulting PartnerRegistered investment advisor and broker-dealer providing securities and advisory services for WCCU Wealth Management. LPL offers virtual financial workshops on Social Security, Medicare, and retirement planning. WCCU earns referral fees for client referrals to LPL representatives.
• AssureGuard (via Allied Solutions)minorChannel Partner/ Reseller/ DistributorMechanical Breakdown Protection coverage provided for WCCU members by AssureGuard. Coverage ranges from Standard to Ultimate levels, providing extended vehicle warranty protection after manufacturer's warranty expires. Plans include car rental, roadside assistance, and travel expense reimbursement.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Ally Bank: Large digital-first bank offering high-yield savings, checking, and consumer lending nationwide. Competes with WCCU's eChecking (3.50% APY) and savings products for digitally native members regardless of geography.
• Washington Trust Company: Oldest community bank in the US, headquartered in Rhode Island, offering full personal, business, wealth, and mortgage services statewide. Larger incumbent with overlapping footprint and richer product set versus WCCU.

Regional players

• BayCoast Bank: Community bank serving southeastern Massachusetts and Rhode Island with personal/business banking, mortgages, and commercial lending. Competes with WCCU in adjacent coastal RI/MA communities with similar SMB and consumer focus.
• Coastal1 Credit Union: Credit union serving Rhode Island and southeastern Connecticut with personal/business banking products. Geographic overlap with WCCU's RI/CT service area and similar member-owned cooperative model.
• Bristol County Savings Bank: Massachusetts-based mutual savings bank with personal/business banking, mortgages, and wealth services. Comparable in mutual/community structure and in overlapping southeastern New England geography near WCCU's CT counties.

Direct peers

• Greenwood Credit Union: Rhode Island community credit union serving consumers and small businesses with personal/commercial banking and lending products. Overlaps with WCCU in core RI geography and member segments.
• Navigant Credit Union: Rhode Island's largest credit union, serving RI and parts of CT with personal/business banking, mortgages, and wealth services. Directly competes with WCCU in overlapping Rhode Island and southeastern Connecticut geographies.
• Jeanne D'Arc Credit Union: Massachusetts-based community credit union offering checking, savings, mortgages, and consumer loans. Comparable in member-owned cooperative model, product breadth, and community-focused positioning to WCCU.
• People's Credit Union: Rhode Island-based member-owned credit union offering consumer banking, mortgages, and small business services. Directly comparable to WCCU in cooperative structure and RI consumer/SMB target market.
• BankNewport: Rhode Island community bank offering consumer and business banking, mortgages, and wealth management across Aquidneck Island and southern RI. Directly overlaps WCCU in geography and product mix for retail and SMB customers.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/JoinWCCUtoday
• Facebookfacebook.com/WesterlyCommunityCreditUnion
• LinkedInlinkedin.com/company/westerly-community-credit-union
• Instagraminstagram.com/westerlycommunitycreditunion

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Westerly Community Credit Union