Despite the economic downturn due to the COVID-19 pandemic, Hughes Federal Credit Union announced a record-breaking year of strong growth in multiple key financial categories at Hughes’ 69th Annual Meeting.
Hughes Federal Credit Union marked 2020 by setting record growth in credit union assets, capital, deposits, loans and members. Total member savings or deposits equaled $1,495,597,124.00, an increase of 19.24% with credit union assets totaling $1,652,308,495.00, an increase of 18.46% over total assets from the previous year.
Hughes ended 2020 with 149,248 members, a net increase of 17,542 members over the previous year and an increase of 28.32% in total loans and produced an increase in net capital of $15,689,913.29.
“Thanks to a powerful combination of dynamic technology and a dedicated service team, the credit union also saw both local and nationwide recognition,” said Robert J. Swick, Hughes president and general manager. “Hughes proudly took the top spot in the Forbes 2021 list of America’s ‘Best-In-State Banks and Credit Unions, highlighting our commitment to providing our members with the right products and services that make a positive difference in their financial lives.”
Hughes also announced the results of its 2021 board election where three incumbents, Juan Gonzalez, Mary (Cass) Middleton and David Ortega, were reelected to the 2021 volunteer board of directors for three-year terms.
Hughes is ranked No. 1 in the Forbes 2021 list of America’s “Best In-State Banks and Credit Unions.” This is the fourth consecutive year Hughes has been ranked as one of the state’s top five credit unions. Of the 5,068 credit unions nationwide, only 3.6% joined Hughes on the prestigious Forbes 2021 list.