Navigant Credit Union celebrates success, reports $3.75B in assets at 108th annual shareholders meeting
Navigant Credit Union enters 2024 as Rhode Island’s largest member-owned credit union
SMITHFIELD, RI (February 2, 2024) — Joined by its senior leadership team, employees, Board of Directors and members and shareholders from across Rhode Island, Navigant Credit Union held its 108th Annual Shareholders Meeting on Tuesday, where the credit union celebrated a successful 2023 and reaffirmed its commitment to giving back to the families, communities and businesses it serves.
Reporting significant year-over-year growth at virtually every level of the institution, Navigant Credit Union 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.
“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:
- 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.
“Despite a challenging economic landscape both here in Rhode Island and around the world, Navigant Credit Union is entering 2024 well-prepared to continue to build on our momentum in the years ahead,” said James K. Salmone, chairman, Navigant Credit Union Board of Directors. “This level of success doesn’t happen by accident. It is the direct result of a great team, with great leaders, coming together to work toward a common goal, and it wouldn’t be possible without the mutual trust Navigant Credit Union’s entire staff has built with the credit union’s tens of thousands of members living and working across Rhode Island.”
Navigant Credit Union’s Annual Shareholders Meeting was held in-person and virtually from the Navigant Credit Union corporate headquarters in Smithfield on Monday, January 22 at 4 p.m.
About Navigant Credit Union
Based in Smithfield, R.I., Navigant Credit Union is the longest-operating member-owned credit union in Rhode Island. Since its founding in 1915, Navigant Credit Union has been dedicated to providing its members with unparalleled financial products and services, while working every day to improve the financial well-being of the families, businesses and communities it serves across Rhode Island. With more than $3.7 billion in assets, more than 145,000 members and 25 physical branch locations, Navigant Credit Union is the largest credit union in Rhode Island and among the state’s strongest and most trusted financial institutions.
Earning a five-star rating, Navigant Credit Union was listed as one of America’s best regional banks and credit unions by Newsweek in 2024. It is consistently ranked as one of Rhode Island’s Best Place to Work by Providence Business News and was rated the state’s top credit union and mortgage lender in 2022 and 2023 by the Providence Journal Readers’ Choice Awards.
Navigant Credit Union is federally insured by the NCUA.
Visit www.navigantcu.org to learn more