TUCSON, Ariz.– Hughes Federal Credit Union reported it surpassed 100,000 members, $837 million in loans, and $1 billion in assets in 2016. The news of strong growth was announced to approximately 500 member-owners at the credit union’s 65th annual meeting at Rincon High School on April 29.
“The credit union grew in assets, capital, deposits, loans, and members for a sixth straight year,” said Robert J. Swick, Hughes president and general manager. “Membership grew 15.47%, loans grew 17.17%, assets grew 20.08% and deposits grew 20.40%. Total loans granted since inception totaled more than $3.8 billion.”
HFCU said a strong financial performance in 2016, combined with continued strong member demand has enabled it to maintain high dividend rates on all interest-earning deposit accounts and their One Low Rate loan program.
In other business at the annual meeting, three incumbents were reelected to the 2017 volunteer board of directors, including Willis Fagg, Rich Miller and John Sansbury.