New software, facility remodels keep credit union progressive in 2021

Holyoke Community Federal Credit Union and Imperial (Nebraska) Credit Union reviewed the successes of the past year and looked ahead to a promising future at its annual meeting Monday evening, April 19.

Due to the uncertainty surrounding the restrictions of gatherings during COVID-19 and considering the safety of its membership, the credit union opted to host the meeting virtually via Zoom.

Chairperson Corey Zeiler said the credit union asset size has grown steadliy since 2016 and has achieved steady growth in undivided earnings.

“Our credit union performed very well in 2020, showing a modest profit,” he said. “The outlook for 2021, while stable from a financial standpoint, will see some pretty important changes for not only the brick-and-mortar view of the credit union but also the core components of our credit union.”

COVID-19 provided a unique set of challenges to the credit union. President Randy Hale said a primary focus in 2020 was keeping employees safe during uncertain times while making sure the membership still had the ability to conduct unrestricted daily transactions.

Due to the pandemic, the government lowered the national interest rates in March 2020 to stimulate the economy and offset the shutdowns. “This has affected our deposit rates as well as loan rates. I am happy to say that during 2020 our credit union has growth in all areas,” said Hale, adding that there was growth in membership numbers, the loan portfolio, member deposits and retained earnings.

Another side effect of the pandemic has been an increase in cyber crime, including forged bills/checks and telephone scams. “Credit union employees help keep you and your money safe, one transaction at a time,” said Hale.

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