From the CEO’s Desk
Hello, my name is Matt Jennings, and I am the Chief Executive Officer of Quest Federal Credit Union and I hope this letter finds you enjoying the New Year and staying warm and safe in the winter weather months.
2021 is now in the books and it was a fantastic year for Quest and its member owners. We finished the year at $185m in assets with 14,936 member owners. Loan growth was amazing over the last several years and 2021 was no different. Gross loan growth for 2021 was 15.40% which allows Quest to continue to expand and grow into new areas of our market. Speaking of growing into a new area, W. Lewis Construction continues to work daily on our Russells Point branch, and they now have the building framed in, under roof, and are working on the early stages of plumbing and electric. I am asked often when we believe the new branch will be ready and our projection is Memorial Day 2022.
A few more fast facts about our performance in 2021. Membership grew at a rate of 5.69% and delinquency ended the year at 0.19%. Return on Assets or ROA finished the year at 0.583% which is within peer average for a credit union our size and again, this allows us to continue to grow and expand moving into the future. We thank our member owners for their loyalty and without our members continuing to use Quest as their primary financial institution, we could not experience the growth and success that we have maintained over the years.
If you have not already, please check out our Exploration Podcast series which you can find on our website or by visiting the podcast app on your smart phone and searching Quest Exploration. We have built a robust library covering many topics that you may find of interest or that can be used for self help for such things as online banking, learning how to apply for loans, student loans and much more.
In closing, thank you for your patronage. The Board of Directors and Staff would like to wish you all the best in the New Year and beyond. We view Quest as one big family and we are here to help, so if there is anything that we can do to make your quality of life better, do not hesitate to ask! Stay safe, take care of family, neighbors, friends and yourselves. Thank you and I welcome any comments, suggestions or questions from our member/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