Goldenwest Among Utah's Fastest Growing Companies
SALT LAKE CITY—October 1, 2020: Goldenwest Credit Union, a leading provider of financial services in Utah, was honored today as one of Utah Business “Fast 50 for 2020”. Each year the publication names Utah’s 50 fastest growing companies based on revenue data that is analyzed for year-over-year growth for the past five years.
“Our team’s extraordinary efforts to fulfill the strategic growth plans set forth by the Board of Directors and Administration has resulted quick-paced, well-managed growth,” stated Kerry H. Wahlen, Goldenwest President/CEO.
Among the Credit Union’s most innovative projects spurring rapid growth in recent years is the organization’s insurance services division.
“In launching Goldenwest Insurance Services, our goal was to provide affordable insurance options to members,” continued Wahlen. “We researched the local market, and determined two things we wanted to do differently: 1) offer true insurance savings with deeper discounts available through multiple A.M. Best A-rated carriers; and, 2) add licensed Goldenwest insurance agents to every Credit Union branch for personalized, local service.
As anticipated, Goldenwest members placed tremendous value on having their financial services and insurance all in one place. The insurance division reports that the personal lines’ insurance book of business is just under $12 million, and the commercial insurance book holds more than $6.5 million in premium.
Wahlen credits Goldenwest’s success to an intentionally cultivated environment that centers on collaboration and innovation.
“Last year when we were finalizing our 2020 strategic plan, it didn’t include processing and funding 1,050 SBA Paycheck Protection Program (PPP) Loans for close to $100 million in less than two months,” commented Wahlen. “And yet, that’s exactly what we did in April and May. It was a remarkable feat by our team.”
This year’s honor marks the second time Goldenwest Credit Union has made the list, ranking 44th in 2020 and 48th in 2018.