HANSCOM AFB, Mass. (7/21/11)--Hanscom FCU had a number of successes during 2010, despite a stubbornly shaky economy, the credit union told members during its 57th Annual Meeting. It ended 2010 with $856 million in assets--an 11% increase--to become the sixth largest credit union in Massachusetts. The Hanscom AFB, Mass.--based credit union's members' share savings and certificates grew by $82.1 million, a 12% increase, as did total membership, to 44.326. A judicious approach to managing members' money and prudence in investments were factors in its achieving a 1% return on assets--double its peer ratio. The credit union ended the year with a net worth to asset ratio of 9.29%, above the 7% minimum required by regulators. "These results are due to thoughtful expense control that does not compromise service," said Paul Marotta, Hanscom FCU board chairman. It also noted its 15th year of providing a year-end loyalty dividend. It paid 2.5% on shares and consumer loans--more than $730,000--on Dec. 31 to members, which, Marotta noted, "isn't an easy thing to do. To make it appear routine is a testament to the people who make up Hanscom FCU and the philosophy of financial responsibility that guides them." In other highlights of the year, the credit union:
* Presented 94 workplace education seminars on topics such as identity theft, financial planning basics and wise use of credit; * Taught eight-week financial management courses to 160 high school students in the JROTC programs at two high schools; * Continued monthly seminars for students at Shriver Job Corps, helping young people prepare for their financial future; * Expanded its Bedford office and established a new full service branch in Boston; * Redesigned its website to feature a rate comparison tool, enhanced ATM and branch locators, and fewer clicks to find information; * Introduced an automatic savings plan so members can save for the down payment on their next vehicle while paying on the current vehicle loan; * Offered members the ability to transfer funds to anyone with an e-mail address or mobile phone number for free with its new online service; * Introduced an online service to help children learn and expand good savings habits; * Expanded its loan discount on hybrid vehicles to include the next generation of green vehicles, including electric and compressed natural gas options; * Offered members an identity theft monitoring service; and * Provided members with an option to skip a loan payment once per calendar year.