Beverly Municipal Credit Union

   True to the Community: How Tom Hankard and Beverly Credit Union Put People Before Profit

In a city with more banks than most, one financial institution on Cabot Street is quietly rewriting the rules of money management. The Beverly Municipal Federal Credit Union, led by CEO Tom Hankard, isn’t just about checking accounts and loans—it’s about trust, service, and putting the community first.

“From my start in banking, and even today, I still try to find my ‘voice’ and convey which banking services will benefit our members,” Tom shares. At Beverly Credit Union, that voice is clear: they’re not here to chase profits, but to serve people.

Unlike traditional banks, credit unions are nonprofit financial cooperatives. Members aren’t just customers—they’re owners. With just a $5 deposit, each member owns a share in the credit union. And all profits? They go right back into services and rates that benefit members. “Knowing that I work for our members is a privilege,” Tom says. “We do everything possible to ensure they receive the best services and most competitive rates.”

Founded in 1952, the Beverly Credit Union has called Cabot Street home in various locations for decades. Originally, it served only City of Beverly employees. Today, membership is open to the wider community, and the credit union offers the same services as big banks—just without the big bank fees.

That local focus is a big deal in a city Tom calls “one of the most over-banked in Massachusetts.” In fact, Beverly Credit Union is now the only financial institution headquartered in Beverly, answering not to Wall Street, but to its members and the community.

Running a credit union isn’t a 9-to-5 job, but Tom keeps grounded by scheduling time for balance outside of work. His biggest motivator, though, comes from the people he serves. Years ago, a member told him he was “true.” The compliment struck him deeply. “When we are true to ourselves and to the people we serve—in business and personally—our work grows organically,” he reflects.

Under Tom’s leadership, Beverly Credit Union has expanded its partnerships with local organizations like Historic Beverly and Green Beverly, making their members eligible to join the credit union. The institution has also become a leading Mass Save Heat Loan lender on the North Shore, helping homeowners reduce energy costs and make environmentally friendly upgrades.

Tom himself is deeply engaged in Beverly, serving with Rotary International, Beverly Main Streets, and on the Board of The Salvation Army, among other local groups.

The credit union is growing rapidly, and Tom is focused on welcoming new members and helping them access accounts, loans, and opportunities for financial security. He also champions small businesses: “Small business owners need to use the services of other small businesses. When we have each other’s backs, we can recommend one another from personal experience.”

For those considering their own entrepreneurial journey, Tom’s advice is straightforward: “Do your research. Ensure you have a good location. Find out who your competitors will be. Don’t be afraid to reach out to them for advice. There’s enough business out there for all of us.”

In the end, that philosophy—of sharing, supporting, and being “true”—is what sets Tom Hankard and Beverly Credit Union apart. In a crowded field of financial institutions, they’ve found their voice by making community the bottom line.