Dear Valued Member,
In reflecting on 2024, we do so with pride, purpose, and unwavering gratitude for your trust in Hanscom Federal Credit Union (HFCU). Every milestone we reached last year was guided by our mission: to be the trusted advisor that people turn to for unbiased financial guidance. That mission has never been more important—and your membership is incredibly valued.
In a year of economic uncertainty, with rising rates, slowed loan demand, and inflationary pressures, our Credit Union has stood strong – financially resilient, member-focused, and future-ready. HFCU ended the year with a Net Promoter Score of 60, a clear sign that our “Member First” value approach continues to resonate.
Hanscom Federal Credit Union is “well capitalized”! Our financial health remains among the strongest in our region. At year-end, our net worth-to-assets ratio was 11.61%, well above the 7% benchmark set by the National Credit Union Administration (NCUA) and notably higher than the 9.63% average among local peers.
A Transformative Year of Growth and Opportunity
A defining moment of 2024 was our December announcement to acquire Peoples Bancorp, Inc. (The People’s Bank). Upon completion of this merger in 2025, Hanscom Federal Credit Union will proudly serve over 115,000 members across 23 branches throughout Massachusetts, Maryland, and Virginia, with assets totaling approximately $2.1 billion.
The Board made this decision with our members in mind. Our Virginia members expressed a need for expanded access to branches, services, and ATMs – and we listened. This merger adds seven new branches and introduces an insurance company that all members can access. For the first time, members will be able to manage your banking, investments, and insurance under one convenient, trusted roof – backed by a team that puts members needs first.
Financial Coaching and WealthTrek
Unbiased financial guidance is at the heart of our mission, and WealthTrek is one of many tools that support our coaching efforts. Our 45+ certified financial coaches work side-by-side with members to set and achieve goals – empowering people with personalized guidance that makes a lasting difference.
In 2024, HFCU expanded the reach of WealthTrek with locations in Burlington and Boston, the latter representing a strategic enhancement of our branch footprint to better serve our growing membership. Each WealthTrek location includes a “questing room,” where members learn money management through hands-on, game-based challenges. These engaging, stigma-free environments are proven to break down barriers to learning and increase financial confidence.
It's important to note that WealthTrek is only one of many key resources our financial coaches use. At HFCU, financial wellness is a multi-dimensional concept that goes beyond numbers in a bank account. It’s about creating sustainable habits, securing long-term financial stability, and empowering members to live financially healthy lives.
The results are compelling. Among members who participated in financial coaching:
- 90% reported a positive impact;
- 77% reached at least one financial goal;
- 69% increased savings;
- 66% improved their credit score – even as national averages declined from 717 to 715;
- 52% built an emergency fund;
- and 43% diversified their assets.
Financial well-being is achievable for everyone, as proven by these outcomes.
Investing in Our Members and Communities
As your trusted advisor, HFCU is deeply committed to the communities where our members live and serve. Since 2014, Hanscom FCU Charitable Foundation has donated more than $1.7 million to causes that support our nation’s veterans. In 2024 alone, the Foundation contributed to Fisher House Boston, Home Base, Clear Path for Veterans, Massachusetts Fallen Heroes, Veterans Inc., and Blue Star Families.
Our relationship with Fisher House Boston is especially meaningful. The Foundation donated over $54,000 to its program, which provides “a home away from home” where military families can stay, free of charge, while a loved one is receives in-house treatment at any medical center in Boston. The Board and Foundation are particularly proud of the group of HFCU employees who hiked the El Camino de Santiago in memory of our late colleague, Tom Boodry. That effort, chronicled over social media, raised funds and awareness for Fisher House Boston.
Our HFCU team and volunteers marched once again in the South Boston Evacuation Day & St. Patrick's Day Parade, proudly showcasing Evacuation Day history with oxen-drawn cannons and Minutemen reenactors. In September, the Foundation hosted our annual charity golf tournament, raising over $125,000 for Home Base. We honored former Massachusetts Governor Charlie Baker with the Brigadier General Enoch “Woody” Woodhouse II Leadership Award, and veteran advocate Tommy Lyons with the Minuteman Award.
The Foundation’s support extended to the Junior ROTC community. We invited Cadets from Lowell, Billerica and Bedford High to present the national colors at our golf tournament. The Foundation also provided travel expenses to support the annual competition. HFCU also hosted CU 4 Reality financial education fairs where our employees volunteered to teach the basics of financial planning.
HFCU supported military veterans returning from service and entering the job market. We partnered with FourBlock to host several events where our financial and human resources experts counseled veterans on how to navigate the complicated job market.
Through the John F. Condon Memorial Scholarship Program, HFCU awarded seven $1,500 scholarships to remarkable students, including five members and two Junior ROTC graduates:
- Madeleine Albert, Lewiston, Maine
- Madeleine Blandy, Arlington, Massachusetts
- Nikos Koss, Wilmington, Massachusetts
- Madalena Mola, Bedford, Massachusetts
- Jack Whitman, Westford, Massachusetts
- Cadet Colonel Taw Taw Lay, Lowell High School (Lowell, MA)
- Cadet Colonel Josie Donnelly, Bedford/Billerica High School (Bedford, MA)
HFCU closed out the year by donating $5,000 and non-perishable items to the Mary Ann Brett Food Pantry, helping local families through the holiday season.
Expanding and Enhancing Member Services
In 2024, the Credit Union remained focused on improving access, experiences, and financial tools based on the ever-changing needs of our members. HFCU launched new 15- and 20-year VA loan options, giving veterans and military families more flexibility in purchasing or refinancing a home. We also updated our commercial loan policies to better serve small business owners and introduced centralized auto lending for faster processing.
To better serve members in downtown Boston, we opened a new branch in Government Center – a key addition to our expanding footprint. We also renovated three VA hospital branches, ensuring more welcoming, modern spaces for our members.
Our Guided Wealth Program (GWP) went live on our website, offering members digital investment support with personalized planning tools. We enhanced our Member Experience Center with a new phone system and simplified online account opening with a new onboarding platform.
Advancing Technology and Safeguarding Members
Through our ongoing three-year IT strategy, HFCU made significant improvements in 2024 to keep member data secure and your banking experience seamless. New features included digital card management, mobile app enhancements, and secure printing and eFax systems. We also deployed PowerBI dashboards to improve operational insight and member responsiveness. These innovations set the stage for more intuitive, member-friendly experiences.
Security remained paramount. Our Elder Abuse Program launched alongside new fraud dashboards, risk models, and stronger anti-money laundering controls.
These achievements underscore HFCU’s “Members First” commitment to proactive risk management and safeguarding members’ interests in an evolving threat landscape.
Empowering People and Culture
Hanscom Federal Credit Union’s strength comes from our employees. In 2024, we celebrated 44 internal promotions and maintained an impressive 70% employee engagement score, as we inched closer to the 72% world-class benchmark in our industry. These numbers reflect a thriving workplace rooted in purpose and a deep commitment to serving you better.
Looking Ahead to 2025
In 2025, the Credit Union will finalize the launch of our most advanced WealthTrek location yet – an immersive, interactive learning experience in Boston designed to transform financial education.
The Hanscom team is also finalizing the Peoples Bank integration, ensuring a seamless transition and united experience for every member. With the Peoples Bank acquisition, we will fill a critical gap in our financial offerings with the addition of a new insurance company that offers a robust set of new products and services.
Through it all, Hanscom Federal Credit Union remains driven by our vision: We see a future where people are engaged in their financial health, educated and empowered to make the best decisions and know who they can turn to when they need guidance.
Members are at the center of every decision we make, every innovation we pursue, and every community we serve.
Thank you for being part of Hanscom Federal Credit Union.
With appreciation,
Teresa S. Conrad
Chairperson of the Board