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Brian Hughes
HRCU President
& CEO
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A message from HRCU's President & CEO, Brian Hughes
2012 was a banner year for credit unions. The industry saw one of the largest increases in membership. Credit unions welcomed more than 700,000 new members equating to $4.5 billion in new deposits from just those new members. Occupy Wall Street, though considered controversial by many, did inspire thousands of former “big bank" customers to switch to a credit union. Today, there are over 95 million credit union members and total assets of all U.S. credit unions stand at just over $1 trillion. With close to 7,000 credit unions, the industry continues to grow and helps more and more people each day. Credit unions sure have come a long way from the first credit union, St. Mary's Bank, established in Manchester, N.H., back in 1908.
In a year where we celebrated our 50th anniversary, we also found ourselves experiencing record growth in deposits, loans and assets straight from our local economy. Close to $11 million in new deposits were brought in and the same amount was loaned out directly to our neighbors and small businesses. Similarly, fifty years ago, members deposited their hard earned money after each Sunday Mass. That money was then loaned out in smaller amounts to parishioners. At that time, people would put the money toward the purchase of a stove, a used car, or to get through a rough period until the next pay check (or as noted in "Comme D'Or – The First Fifty Years of Holy Rosary Credit Union," for bingo money!). Also interesting to note, less than 30 years ago, total loans of the credit union stood at $5.5 million. Today that is loaned out in six months.
As HRCU continued to grow, changes took place, in particular with technology. No longer could dividends be calculated by hand or loan interest determined with the complexity of ever-changing regulations. In 1998, a major investment was made in a state-of-the-art (for that time) computer system that allowed us to automate many back-room functions and make banking more convenient for members. We were able to expand service offerings which ultimately allowed us to become the full service financial institution we envisioned. The investment worked and soon membership growth soared. Checking accounts were offered, mortgages were written and online banking became a reality. HRCU took a leap of faith and landed on two feet. Then in 2011, we opened our operations center on Brock Street and now employ over 70 employees.
Today, with significant strides in banking technology, we enter a new era of providing full service banking products to our members. Early in 2012, we signed a contract to invest in cutting-edge technology which will allow us to serve our members needs today and well into the future. We are planning a significant upgrade to our computer system on June 1, 2013, and the excitement is brewing rapidly with the staff. In June, members will have access to an entirely new online banking program well-equipped with tools to better manage finances and other conveniences such as no longer waiting several days for a replacement debit or credit card – members will simply stop in at any branch and have their new card within minutes. In addition, members will have access to over 6,500 credit union branches and kiosks throughout the country in a network called Shared Branching, a system unique to credit unions. Coming this fall, if a member would benefit from the convenience of depositing a check using their hand held device, they can. All of these services and benefits, plus so much more, will be available in just a few short months!
We understand that the financial services industry is becoming more and more competitive. When our members decide to put their trust in HRCU to help manage their finances, we take that very seriously. As a matter of fact, the good of the member is always our top priority and directs us in our decision-making. It is a philosophy and guiding principle that HRCU was founded on and will continue to stand by.
2013 will, no doubt, be a challenging year at HRCU as we learn new technology and elevate our service offering. What makes it so exciting for all of us - from the Board of Directors to all levels of staff - are the benefits it will bring to the members.
Here's to the future of HRCU and our promise to remain dedicated to the philosophy and values that got it all started more than 50 years ago.
Brian Hughes
President & CEO
Holy Rosary Credit Union is a state chartered and federally insured community credit union. We have been serving the people of New Hampshire since 1962.
