From the CEO’s Desk
Hello, my name is Matt Jennings and I am the CEO of Quest Federal Credit Union.
I wanted to take a moment and update our owners on our progress and financial position as we round out the first quarter of 2018 and to summarize our Annual Meeting.
2018 has started out very strong, as expected. When we expanded to Upper Sandusky in late 2016 we knew that we would have 4-6 quarters of reduced net income as we offset the cost of our new branch but the reduction has subsided and Quest is back to performing at a pre-expansion level. We currently have $119m in assets as of March 31st, 2018 and our membership has blossomed to 13,771. Net income for the period January 1, 2018 through March 31, 2018 is $141,186 with a solid 0.49% ROA year to date and climbing! Delinquency continues to be low at 0.68% which is exceptional. Loans have grown by $2.1m year to date. I will continue to keep our member owners updated as we move through the year but our strategic planning process is working and our performance is matching our expectation.
Our Annual Meeting was held on Saturday, March 17 at the Plaza Inn Family Restaurant where breakfast was served and enjoyed by all. Our nominating chairman, Allen Barrett announced that the election process was complete and that Richard “Dick” Wilcox, James F. Ramge and Nikki Haushalter were re-elected to new terms on the Board of Directors and John “Pete” Gunn was re-elected to Credit Committee.
I recognized our service award winners and this is one of my favorite duties of the year. The service of our board and committee members is 100% voluntary and other than the occasional shirt, hat or meal at the meetings, they receive no compensation at all for their hard work and dedication to our credit union. That is an amazing thing to me and I wanted to sincerely compliment and congratulate our Board and Committee members that reach milestones in their service this year. Nikki Haushalter and Cam Hemmerly – 5 years, David Sturgeon – 15 years, Ron Rogers – 20 years, Jim Ramge – 25 years and a special thank you to Board Member and Security Officer Jeff Beach for 30 years. Staff members recognized were Patty King and Krane Stahler – 5 years, Tobi Collins and Deb Preston – 20 years and Sherrill Titus – 30 years. All of these service awards are what makes Quest special. Whether it be 5 or 35 years, we have truly dedicated volunteers and employees who take their work serious and respect the opportunity they have been given by the founders of our credit union. Congratulations to all and I look forward to working with you for many years to come.
Summer is right around the corner and we wish you all a safe and happy season. Be safe in your travels and let our Member Service staff know if we can help with those travel plans in anyway. Debit and Credit cards are set with geographic limitations to avoid fraud on your behalf so if travelling, take a moment to give us a call and make sure we have you setup appropriately to make your time away as enjoyable as possible.
In closing, I hope you and your families have a very Safe & Happy end of Summer and early Fall! I welcome any comments, suggestions or questions from our Owners. I can be reached by calling the Main Office or via email at firstname.lastname@example.org. Thank you for your loyal patronage to Quest and I challenge you to Explore the Possibilities!
Matt Jennings, Chief Executive Officer
Quest Federal Credit Union