On Tuesday, March 30, 2021 Harvard University Employees Credit Union held its 81st Annual Meeting — the second year that the meeting has been held virtually. HUECU President and CEO Craig Leonard began the meeting by welcoming attendees and introducing the day’s speakers, including Senior Vice President and CFO Katie Armstrong, Board Chairman George White, Board Vice Chair, Jeremiah Murphy, Board Clerk Mary Straub, Board Treasurer John Lichten, and Board Director Thomas Lucey.
Chairman of the Board George White then gave his report, conveying his gratitude to the membership and the HUECU team for carrying HUECU through a year that has seen many challenges. George expressed his confidence in the Credit Union’s strength going forward as the HUECU team responds and adapts to evolving member needs and new services continue to be rolled out to the membership. HUECU Treasurer John Lichten reiterated that the Credit performed strongly in 2020, providing loan and deposit rates to members that remain among the most favorable available in Massachusetts.
Katie Armstrong reported the 2020 financial highlights, emphasizing the Credit Union’s exceptional year in the face of hardship. She pointed out the growth in the credit union’s asset base, continuing a trend in double digit asset growth every year over the last five years.
Craig ended the meeting with his closing remarks, highlighting the services that HUECU has rolled out in the past year to help those affected by the pandemic, including significantly reduced loan rates wherever possible.
“We’ll never be back to how it was before. The pandemic has changed us in so many ways — as people, as a country, and certainly as an organization,” Craig expressed. He assured members that the Credit Union will continue to be there for them — communicating, engaging, and adapting — as they navigate this challenging time. “Our financial condition remains solid even during a difficult economic climate. Our members continue to put their trust in our organization. That is reflected in both our strong loan and deposit growth rate,” continued Craig. “We’ve always been an organization that looks forward.”
Craig also gave his thanks to the HUECU team for their ability to quickly adapt to very different working conditions and to creatively come up with services and solutions that benefit the membership and their shifting needs during this past year. “We’ve become better, stronger, and more determined to be that organization that all of our members look toward for their banking services,” he says. “Our sights are focused on the future and not toward the past. We will continue to invest in you, our members.”
An election was held for five seats on the HUECU Board of Directors. Four incumbents were elected and will be joined by a new board member, Gonzalo Muñoz Sanz. Congratulations to our elected Directors: Dennis Campbell, Dee Dee Chen, Thomas Lucey, Gonzalo Muñoz Sanz, and Jerry Murphy. All of our Directors bring years of experience and enthusiasm to the Board, and we are excited to work with them over the course of their three-year term. We would also like to thank Jim Burrows who stepped down from the board, retiring after almost 19 years of exceptional service to Harvard.
Finally, the HUECU 2020 Annual Report, available below, offers many positive highlights from the last year. You can find a digital version of the report included below.