In its 20th anniversary year, HEY Credit Union, serving over 15,000 members and junior savers across the Humber Region and beyond has recorded another year of positive development.
Celebrating its anniversary year, which was marked with a Lord Mayoral visit to Central Office, the credit union reflected on the impact it’s made in the community over the last two decades, granting over 55,000 loans to a value of £38 million, saving the people the Humber Region at least £18 million in interest charges.
Chief Executive, John Smith said: “As one of the founders of our credit union 20 years ago, I have been thrilled to witness its progress and see what a difference it has made to the lives of so many people.
“Unlike the big banks which have withdrawn from many of our towns, we are determined to keep our friendly local presence and we know from feedback that this is really appreciated by our members.”
ABCUL CEO, Robert Kelly congratulates HEY Credit Union on its 20 years of service in its community, he said: “20 years of service to its community is a magnificent milestone in their history. The local service provided by staff at the credit union is delivered with care, compassion and a real focus on meeting the needs of members in a responsible way.”
Announcing the credit union’s annual results, John Smith was pleased to report that membership, loans and savings had continued to grow impressively. Total loans were 14% higher than a year ago while income generated was up by 27%, leading to a higher surplus and an increase in capital reserves, in line with the regulatory target.
The year saw further investment in new technology and a branch improvement plan, to improve the member experience. A new mobile app, enabling members to view their accounts in real-time 24/7, transfer funds and submit enquiries direct from phones or tablets, immediately proved popular and over 2,000 members have already registered to use it.
With the credit union’s reach now extending far beyond the traditional county boundaries of Hull and East Yorkshire, after consulting members, the credit union this year introduce a new trading name – HEY Credit Union – which allows marketing and communications to be simplified while respecting its proud heritage.
The credit union’s annual report can be viewed here.