Dear Member,
2023 marked a monumental year for Hanscom Federal Credit Union as we celebrated 70 years of unwavering commitment to financial wellness and set ourselves up to surpass 100,000 members which we have already done in 2024! Our journey is defined by our values, which are the reasons for our purposeful growth and ability to achieve remarkable milestones that set us apart in the financial industry.
Last year, our dedication to member satisfaction reached new heights with a stellar NPS score, reaffirming our status as a member-first institution. Particularly gratifying was the exceptional feedback from members engaged in our financial wellness programs, underscoring our impact on their lives.
Financially, we recorded our most successful year yet, with a net income of $23.2 million and a remarkable 1.23% return on assets, far exceeding industry benchmarks. BauerFinancial’s prestigious 5-star rating once again validates our commitment to excellence and reliability.
Behind these achievements are our 230 dedicated employees who envision a future where financial empowerment is accessible to all. We laid the groundwork throughout 2023 for WealthTrek, one of the most innovative and groundbreaking projects in retail banking. Located inside our Burlington, MA, branch, WealthTrek is a pioneering initiative redefining banking through interactive learning experiences which makes learning about finances fun.
In addition to these accomplishments, we proudly introduced several innovative products and services. Our new Your Way Products, Payrailz, and Glia have set new standards in personalized banking. We also launched our Relationship Banking team, which has already delivered outstanding results, and expanded our Business Lending team to better serve our business community.
We are particularly excited about the launch of our new Relationship Banking team. We added talented industry leaders to spearhead this initiative, which creates customized financial plans for our members. The new service includes banking, borrowing and investment strategies all designed to meet each member’s unique position on their financial journey.
On the business lending side, we bolstered that team with new resources to drive growth, specifically in small business lending. We understand how important small business lending is to veterans and the communities that we serve. Access to working capital is vitally important for all business owners and we streamlined processes for quick access to cash through business lines of credit.
Looking ahead, our robust financial performance remains pivotal in safeguarding our members' financial futures. Highlights from last year include a substantial increase in our capital position. Our 1.23% ROA bested our peers’ average (0.65%), positioning us among the nation's top financial institutions.
Our commitment to employee development is equally strong, reflected in initiatives such as career mapping and the certification of 64 Financial Wellness Coaches. Engaging our workforce through feedback channels and recognition programs ensures their continuous growth and dedication. We also updated our hiring practices and focused more on purpose, commitment, and character in addition to skillset.
Innovation drives our IT strategy, marked by significant progress in modernizing technology and enhancing data security. New tools and dashboards prioritize member-centric decision-making, while agile frameworks like scrum accelerate projects like WealthTrek and advanced mobile technologies.
Our financial strength drove growth in charitable contributions and support of the diverse communities that we serve. The credit union donated $1 million to our charitable foundation in 2023. Through the second quarter of 2024, we already surpassed last year’s giving total and increased donations by 35%. Notable 2024 gifts include: Home Base, CU Kids at Heart, and Cradles to Crayons. Looking ahead, we are preparing for our annual golf tournament, which raises funds for our charitable foundation. At last year’s tournament, we presented the first annual Enoch “Woody” Woodhouse Leadership Award to Brigadier General Woody Woodhouse, a Tuskegee Airman and lifelong supporter of U.S. Veterans.
As we reflect on our achievements, we extend our deepest gratitude to our members, whose loyalty inspires us to continually raise the bar. Stay connected with us through HFCU.org and our social media channels as we embark on the next chapter of empowering financial wellness and community impact.
Sincerely,
John A. Delcore
Chairman of the Board