Hughes Federal Credit Union Reports Strong Growth
Hughes Federal Credit Union announced another year of strong growth and success at Hughes’ Annual Meeting held on September 16, 2020. The 68th annual meeting was held virtually through a Zoom webinar, with both physical and virtual attendees.
In 2019, Hughes Federal Credit Union experienced record-setting growth in member savings and credit union assets, and grew its community support by 18 percent through outreach and financial education programs.
Total member savings or deposits equaled $1,254,274,526., an increase of 23.48 percent and credit union assets totaled $1,394,851,221., an increase of 22.01 percent over the previous year. Hughes ended 2019 with 131,706 members, a net increase of 4,771.
“We are very pleased to report positive financial performance,” said Robert J. Swick, President/General Manager. “We attribute this success to our personalized service and high quality financial products, as well as our community involvement.”
Hughes also reports that strong growth in member savings and assets have continued throughout 2020 despite the national economic downturn due to the COVID-19 pandemic.
In other business at the annual meeting, three incumbents were reelected to the 2020 volunteer board of directors for three-year terms, including Richard Miller, Willis Fagg and Chad Marchand. All primary members age 16 and older, in good standing were eligible to vote.
About Hughes Federal Credit Union
Established 68 years ago, Hughes Federal Credit Union is a locally member-owned financial cooperative with more than 143,000 members and $1.5 billion dollars in assets. Hughes is rated as one of the best Arizona credit unions by Forbes for three years running. Hughes is rated A+ and has been accredited by the Better Business Bureau since 1974. The Credit Union is federally insured by the National Credit Union Administration. For more information please visit HughesFCU.org, or follow Hughes at Facebook.com/HughesFCU and Twitter.com/HughesFCU.
