Brought to you by WBIW News and Network Indiana
Last updated on Monday, April 30, 2018
(BEDFORD) - Hoosier Hills Credit Union (HHCU) recently reported strong financial performance upon the completion of its 2017 financial reports.
Assets grew by more than $32 million, bringing total HHCU assets above the half-billion dollar mark. This success was driven in large part by deposit growth of 9.1 percent. Increased loans were driven by 7 percent Commercial/Business loan growth. HHCU's capital ratio remained solid at 9.7 percent, well above the 7 percent considered to be adequately capitalized by federal regulators. In 2017, more than $1.8 million was returned to members in dividends.
"We're pleased to be able to report a strong financial picture to our membership," said George McNichols, Hoosier Hills Credit Union President/CEO. "Our strategy is to first consider the benefit of our members in every decision we make at Hoosier Hills. We believe our continued success is an endorsement of this focus by the members we serve."
The Credit Union completed a study with an independent research firm in 2017 to measure the specific monetary value of membership. The study revealed Hoosier Hills Credit Union members saved an average of $353 per year, or more than $8 million collectively, based on a comparison of rates and fees at local banks in the same market areas. More information about the study can be found at hoosierhills.com/home/about/membervalue.
HHCU's continued growth was highlighted by the May opening of an 8,700 square-foot Annex at the corporate campus in Bedford. Additional highlights from the year include the launch of Buzz Points Rewards with every debit card purchase, a prized-linked savings account called Save to Win which allows members to win prizes just for saving money, and the Good Neighbor Loan and Resource Packet which provides relief and information to members who face unexpected unemployment.
Plans for 2018 include the development of a new website to further increase convenience and educational resources for members, the addition of online account opening, as well as the implementation of member surveys to allow the Credit Union to be even more responsive to its membership.
About Hoosier Hills Credit Union:
Hoosier Hills Credit Union (HHCU) is a not-for-profit financial cooperative, which means those who bank with Hoosier Hills are the owners of the Credit Union. Headquartered in Bedford, Indiana, HHCU is a full service financial institution which operates 8 service centers in southern and southwestern Indiana. The Credit Union, founded in 1969, provides a wide array of loan, savings, investment and insurance services to meet members' financial needs. Decisions are made locally, and personal service is a primary focus. Hoosier Hills Credit Union's Mission: To be better for our members by making a positive difference in their lives and in the communities we serve. Better Service, Better Banking, Better for You!
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