Ascent Credit Union, formerly known as Weber State Credit Union, is a member-owned financial cooperative headquartered in Ogden, Utah. Established in 1957, the credit union has a longstanding commitment to assisting members in achieving financial success through personalized services and educational initiatives. In 2020, the institution rebranded to Ascent Credit Union to better reflect its mission of inspiring upward financial mobility and to appeal to a broader community beyond its original affiliation with Weber State University.
Key Strategic Focus
Ascent Credit Union focuses on delivering a comprehensive suite of financial products and services tailored to meet the diverse needs of its members. These offerings include savings and checking accounts, consumer loans, mortgages, credit cards, and investment services. The credit union emphasizes leveraging online and mobile technologies to enhance member experience and accessibility. Operating four branches in Utah—located in Ogden, Roy, North Ogden, and at Weber State University—Ascent Credit Union maintains a strong local presence to serve its community effectively.
Financials and Funding
As of the first quarter of 2024, Ascent Credit Union reported total assets of approximately $169.94 million and a net worth of $15.60 million, resulting in a net worth ratio of 9.16%, categorizing it as "well-capitalized" under regulatory standards. The credit union serves over 9,000 members and operates with a team of 46 employees. In the same period, the institution reported a net loss of $138,698, indicating a focus on strategic investments and growth initiatives.
Leadership Team
The credit union is led by President and CEO Brock R. Mortensen, who has been instrumental in guiding the institution through its rebranding and expansion efforts. Under his leadership, Ascent Credit Union has strengthened its commitment to community engagement and financial education.
Competitor Profile
In the competitive landscape, Ascent Credit Union operates alongside several other financial institutions in Utah, including:
- America First Federal Credit Union: Based in Riverdale, Utah, it is one of the largest credit unions in the state, offering a wide range of financial services.
- Mountain America Federal Credit Union: Headquartered in Sandy, Utah, this credit union provides extensive banking solutions and has a significant member base.
- Goldenwest Federal Credit Union: Located in Ogden, Utah, it offers similar services and has a strong local presence.
These competitors have established substantial market positions, prompting Ascent Credit Union to differentiate itself through personalized member services and community-focused initiatives.
Strategic Collaborations and Partnerships
Ascent Credit Union actively engages in partnerships to enhance its service offerings and community impact. Notably, the credit union has collaborated with the Weber Human Services Foundation, reflecting its commitment to community-focused initiatives and outreach efforts.
Operational Insights
Strategically, Ascent Credit Union leverages its smaller size to offer a more personalized approach to customer service, distinguishing itself from larger competitors. By emphasizing tailored services and community engagement, the credit union aims to attract clients seeking individualized attention and support.
Strategic Opportunities and Future Directions
Looking ahead, Ascent Credit Union is poised to expand its technological capabilities and enhance its digital banking platforms to meet the evolving needs of its members. The institution plans to introduce new products and services, including business solutions and additional branch locations, to better serve its growing membership base. By maintaining a strong focus on community involvement and financial education, Ascent Credit Union aims to solidify its position as a trusted financial partner in the region.
Contact Information
- Website: ascentcu.com
- LinkedIn: Ascent Credit Union
Ascent Credit Union remains dedicated to empowering its members through comprehensive financial services, educational resources, and a commitment to community development.
