SMITHFIELD, R.I. With its senior leadership team, employees, board and on hand, Navigant Credit Union held its 108th Annual Shareholders Meeting, where it celebrated a successful 2023 and “reaffirmed its commitment to giving back to the families, communities and businesses it serves.
The credit union said it reported significant year-over-year growth at virtually every level of the institution, and closed 2023 with more than $3.75 billion in total assets, a more than $330 million – or roughly 9.1% – increase from 2022. Consumer, residential, equity and business lending all increased year-over-year, resulting in more than $3.1 billion in total lending activity in 2023 – a roughly 11% increase from 2022. Deposits in 2023 totaled $3.2 billion, a roughly 8.1% increase, Navigant said.
“We are proud to report that the financial state of Navigant Credit Union is as strong as it’s ever been in our more than 108-year history serving at the center of Rhode Island’s business community,” said Navigant Credit Union President/CEO Kathleen C. Orovitz. “As always, we our success in 2023 was a true team effort. We thank our employees, our community partners, our board of directors, and – most importantly – our members for everything they do to make Navigant Credit Union what it is.”
Additional highlights and announcements from the annual meeting include:
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Continuing commitment to philanthropy & volunteerism: Over the course of 2023, Navigant Credit Union provided more than $963,000 in direct donations to more than 520 nonprofit organizations working to address statewide issues such as housing, food security, education, healthcare, public safety and more. Additionally, the Navigant Credit Union Charitable Foundation, an autonomous 501(c)3 charity founded in 2019, awarded more than $451,000 in high-impact grants to a total of 27 organizations.
Through Navigant Credit Union’s VForce staff volunteer program, team members collectively volunteered nearly 4,000 hours of community service. Plus, members of Community Engagement team conducted 30 visits to local high schools to promote the importance of financial literacy, providing 81 hours of in-person instruction to young students across the state. - All-time highs in membership & physical presence: With more than 140,000 members and 25 physical branch locations across Rhode Island, Navigant Credit Union is the largest member-owned credit union in the state. In 2023, Navigant Credit Union celebrated the grand openings of its new branches in Westerly and Providence – the credit union’s first-ever locations in both cities.
- 2023 awards & industry recognition: Navigant Credit Union was recognized as one Rhode Island’s Best Places to Work and Fastest-Growing Companies by Providence Business News. It also earned honors from the Providence Journal’s Community Choice Awards as the state’s Best Credit Union and Best Financial Planning Service and among the state’s Best Employers and Best Mortgage Lenders. Additionally, Navigant Credit Union received the Corporate Community Award from the Rhode Island Hispanic Chamber of Commerce, and Kathy Orovitz was named the 2023 Businesswoman of the Year by the Bryant University.
- Bonus dividend: For the 35th consecutive year, Navigant Credit Union will award its members with a bonus dividend.