Bedford, Ind.-based Hoosier Hills Credit Union hit $500 million in assets and saved members some $8 million in 2017, the credit union reported.
With assets rising by more than $32 million, the credit union increased total assets held to more than $500 million. That success, the credit union said in a press release, was driven in large part by 9.1 percent deposit growth and 7 percent loan growth. The credit union’s capital ratio stands at 9.7 percent and members received more than $1.8 million in dividends last year. Net income at the credit union last year was more than $3.7 million
According to a study the credit union commissioned, Hoosier Hills provided members an average savings of $353 each last year (more than $8 million total) compared to what they would have spent by utilizing banks in the area. Hoosier Hills also opened an 8,700-square-foot annex at its corporate comapus last year, launched prize-linked savings and more.
“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.”
With 2018 already well underway, the credit union’s plans for the year include developing a new website to increase convenience and education for members, along with new account opening online. HHCU also expects to implement online member surveys this year in order to be more responsive to members’ wants and needs.