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Honor Credit Union has released its annual Community Impact Report for 2023, which shows that it donated over $734,000 to nearly 700 community organizations. The credit union also encouraged its employees to donate their time, resulting in over 3,000 hours of company time spent volunteering. Despite challenging economic conditions, Honor Credit Union provided hundreds of Michigan families with over $235,000 in first-time homeowner grants, and its members earned nearly $12 million through various savings incentive programs.
Honor Credit Union’s 2023 Community Impact Report
In its annual Community Impact Report, Honor Credit Union stated they supported various initiatives in 2023, according to a credit union press release.
With donations exceeding $734,000, Honor helped nearly 700 community organizations from Niles to Marquette. This includes $28,000 in scholarships for high school seniors and $15,000 for exceptional local teachers.
Honor’s 400 employees were also encouraged to donate their time, resulting in over 3,000 hours of volunteering across Michigan and Northern Indiana.
Boosting Michigan’s Housing Market and Promoting Financial Wellness
Honor aided many Michigan families attain home ownership in a challenging housing market. They distributed over $235,000 in first-time homeowner grants, funded more than 600 new or refinanced mortgages, and provided 1,100 Home Equity Loans.
As part of their mission to promote financial wellness, they offered nearly 100 financial education presentations and financial counseling services to more than 100 individuals. Users of their Zogo financial education app completed over 56,000 training modules.
Honor Credit Union members were able to earn nearly $12 million through high-interest checking, savings, CDs, money market accounts, and other saving incentive programs, despite high inflation and looming recession threats.
Honor Credit Union: A Michigan-Based, Member-Owned Institution
As a Michigan-based and member-owned credit union, Honor CEO, Scott McFarland said they answer to their members, not stockholders. This approach enables substantial reinvestment into the communities they serve, and they look forward to an even more prosperous 2024.
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