2022 was a year that brought many challenges: a continuing pandemic, a rapidly rising rate environment and staffing shortages resulting from a tight labor market. GSCU met these challenges head on, taking strategic actions to continue full service operations throughout our branch network and pivot services to meet members needs in this changing environment.

The credit union continued to see steady growth in members deposits, increasing nearly $29 million, as members used GSCU for more of their savings and checking account needs. Remarkable growth was experienced in total loan balances with nearly $77 million in net increases in member borrowing outstanding. Our member-favorite promotion, Anything that Moves, allowed members to finance cars, trucks, boats, and virtually anything that moves starting at one low rate throughout the summer. GSCU also extended the $250 Bonus Cash promotion to a year-round unsecured loan offer that helps qualifying members consolidate high-interest debt, manage unexpected bills and more with $250 in bonus cash to help kickstart their savings after closing. This promotion was clearly appreciated by members as this resulted in $24 million in new unsecured loan balances in 2022. With the rising rates and the continued lack of housing inventory, the real estate market shifted to an equity focus for New Hampshire residents. GSCU’s equity loans and lines-of-credit allowed members to fund their home improvements and more. As rates rose later in 2022, the credit union also began to offer Term Share Certificate specials, helping members lock in their savings at a higher rate in a safe channel for guaranteed earnings.

In 2022, the credit union added $2.4 million to reserves resulting in a capital ratio of 8.37% with regulatory standards continuing to rank the credit union as “well capitalized”. GSCU ended the year with more than $637 million in assets, up more than $34 million from 2021.

GSCU opened its eighth full-service location in Rochester, NH, in September and it’s the first GSCU location to feature an Interactive Teller Machine (ITM) teller line versus a traditional teller line. The branch also features a three lane ITM drive-up. This technology provides 24/7 ATM access as well as the option to speak with a live GSCU Teller during business hours, providing more convenient service to our members. We have replaced ATM’s in all of our branch locations with this new enhanced ITM technology, bringing the total number in-service to 17. The Rochester location has already generated over $1 million in loan balances as we welcomed new and existing members from the surrounding area. If you haven’t visited yet, we invite you to stop by soon!

The credit union is excited to continue to grow each of its branch locations by welcoming new members and developing relationships with long-term members. If your friends and family members have not yet discovered the credit union difference, we appreciate your recommendation to them to join GSCU. As rates continue to rise and members are faced with economic uncertainty, Granite State Credit Union helps members identify and use the best solutions for their individual financial needs. For 78 years, GSCU has remained focused on providing service true to its core values of Integrity, Respect, Commitment, Innovation, and Passion throughout our members’ financial journeys. We value each of our members and look forward to growing together throughout 2023.

Thank you for your continued support and membership.