FLORENCE — Health Facilities Federal Credit Union refocused its business model in 2009 to concentrate on its current membership in order to help them through tough economic times.
These members include more than 60 select employee groups ranging from health care workers to public service officials and their families.
AT A GLANCE
Name: Health Facilities Credit Union
Established: Chartered in 1977; merged with the Florence Area Credit Union in 1985 to bring employees of the city and county government into membership
Employees: 17
CEO: Robert Harris
Address: 501 S. Irby St. Florence
Product/specialty: Servingmore than 60 employee groups and their families with a full-service of financial products ranging from banking to lending
Web: http://www.hffcu.com
Michelle Bailey, marketing director for the credit union, said her company has fared pretty well during the recession because it was not involved in the mortgage-backed securities that got other banks and lending institutions in trouble.
“Credit unions are traditionally more conservative in the mortgage lending and regular lending arena,” Bailey said. “Banks only look at credit history, but we got beyond that.”
But the company hasn’t been able to avoid all the negative effects the economy has had on consumer behavior, CEO Robert Harris said.
“Consumers in Florence and the Pee Dee got scared and that negatively affects our loans,” he said. “People are putting their money into savings and not coming into get loans.”
Harris said the loan volume has increased slightly in the past six months, a trend he hopes will continue.
“We have plenty of money to lend,” he said.
No matter the state of the economy, the credit union remains committed and accountable to their members, Bailey said.
The organization supports causes important to its members and the community like the Children’s Miracle Network, the Boys and Girls Clubs, Relay for Life and the Arthritis Foundation.
The credit union is kicking off a new initiative called Mad City Money as a financial education tool for teens.
“It’s a simulated society where teens are given a job and a salary and they learn how to budget,” Bailey said. “They have to pay for transportation, rent and food.”
Bailey and other members of the credit union team will begin going into schools and nonprofits to work with teens on this new community outreach project.
“Our responsibility is not only to the financial community, but to the community as a whole,” Bailey said.
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