Hanscom FCU Tops $1 Billion in Assets
Steady Growth of Membership, Deeper Relationships with Current Members Credited with Helping Achieve Milestone
HANSCOM AFB, Mass.--(BUSINESS WIRE)-- Hanscom Federal Credit Unionhas surpassed $1 billion in total assets. Steady growth, particularly in online loans and deposits, combined with a concentration on developing new member relationships and deepening existing ones, has helped the Massachusetts-based financial institution achieve this milestone.
Consisting of loans to members, investments, and cash on hand, total assets are an indication of Hanscom FCU's strength and stability.Hanscom FCUis one of the six largest credit unions in Massachusetts. Compared to credit unions nationwide,Hanscom FCUis among the top 200 in assets.
"In the simplest possible terms, we have achieved the $1 billion mark because members trust us with their money," said Chairman of the Board Paul Marotta. "And that trust has been built over the decades through a simple approach -- good products at fair prices, coupled with the 'people helping people' spirit shared by all credit unions.
"Our members have always mattered more than numbers -- that won't change no matter what our balance sheet says," Marotta continued, adding that members areHanscom FCU's greatest resource. "Not only do they continue to build their relationships with us, but they also refer new members to the credit union."
Those new members, approximately 5,600 of them in 2012, have helpedHanscom FCUmaintain healthy loan and deposit growth. A practice of contacting each new member within days of opening an account has accounted for a large portion of the credit union's current loan portfolio and an increase in checking accounts.
Hanscom Federal Credit Union, headquartered atHanscom Air Force Base, Mass., serves 48,515 members across the country and overseas through15 branches, over95,000 service centersand surcharge-free ATMs, 24-hour telephone service and aweb-based branch.
Hanscom Federal Credit Union
Patricia Warden Conty, 781-698-2277
KEYWORDS: United States North America Massachusetts
The article Hanscom FCU Tops $1 Billion in Assets originally appeared on Fool.com.
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