News Column

Hanscom FCU Celebrates Successful 60th Year at Milestone Annual Meeting

May 6, 2014

HANSCOM AFB, Mass.--(BUSINESS WIRE)-- Hanscom FCU recently celebrated a major milestone with its 60th annual meeting, highlighting yet another year’s worth of proof that after six decades, putting members first still matters most and works best.

“Since our founding in 1953, Hanscom Federal Credit Union has been a stable, strong and progressive financial institution,” said Chairman of the Board Paul J. Marotta in his message to members. “Members have responded by helping us become the fifth largest credit union in Massachusetts by assets, and this is a direct result of the trust you have conveyed upon us.”

Marotta also announced a special savings offer with a 6.00% Annual Percentage Yield. This extraordinary return is available to members who open a CU Thrive account from May 4May 10, 2014. “Our CU Thrive account offers built-in automatic savings, with a return that really motivates members to build their savings,” Marotta noted.

Marotta’s overview of a successful 2013 for Hanscom FCU included:

  • New member growth of 8.2%, a 2% jump from 2012
  • Loan growth of 10.6% to $691.1 million
  • Share/certificate growth of $38.3 million, a 4.2% increase

    In addition, return on assets was 0.58%. That’s after returning roughly $260,000 to members through a 1% Loyalty Dividend. The credit union ended the year with a net worth to asset ratio of 9.3%, a well-capitalized position.

    As always, however, growth at Hanscom FCU came not just in numbers:

  • North Shore Manufacturers Federal Credit Union (NSMFCU) joined the Hanscom FCU family, a merger which saw the addition of nearly 1,000 members
  • The Beverly office of NSMFCU became the 16th Hanscom FCU branch, allowing the credit union to offer increased access to members in Essex County
  • Members impacted by the federal government shutdown saw their financial burden eased through nearly $1 million in interest-free Life Line loans, as well as approximately 400 skipped loan payments without any fees
  • The Hanscom FCU Facebook page was launched, generating over 1,000 likes in 90 days
  • Increased youth outreach came through the Gen Y advisory group, remarkable volunteers providing fresh perspectives and ideas
  • Hanscom FCU was honored to be chosen as the recipient for the Dora Maxwell Award for Social Responsibility and Louise Herring Award for Philosophy in Action by the Massachusetts Credit Union League

    “I’m certain those who founded Hanscom FCU 60 years ago would be incredibly proud if they could see where it is today,” Marotta said. “We have never forgotten that we earn our members’ trust each day, all over again, by putting them first. And as long as we continue to do so, I’m just as confident that we will be able to say the same 60 years from now.”

    Hanscom Federal Credit Union, headquartered at Hanscom Air Force Base, Mass., serves 52,877 members across the country and overseas through 17 branches, over 100,000 service centers and surcharge-free ATMs, 24-hour telephone service and a web-based branch. The credit union holds over $1 billion in assets.

    Hanscom FCU offers members an array of products and services, including free checking and savings accounts, consumer loans and credit cards, investment and insurance services, and mortgages for primary, secondary, and investment properties.

    Hanscom Federal Credit Union

    Patricia Warden-Conty, 781-698-2277

    Source: Hanscom Federal Credit Union

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    Source: Business Wire

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