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 your New Year off to a great start!
It has been an exceptional year for the finances of our credit union. We closed out 2024 by paying our member owners a year-end dividend of $55,000. This dividend was split equitably between both borrowers and savers. Assets ended the year at $183m with net income for the period of $1.8m or a Return on Assets of 1.01%. Loans grew throughout the year, and we currently hold $123m in loans which equates to a Loan to Share ratio of 75.50%. Membership grew by 6.50% and we currently have 15,766 active member owners. I look forward to sharing all of the details about our financial performance at our Annual Meeting which will be held on Saturday, March 16th at Memorial Park Golf Course, 8:30am Social and 9:00am Breakfast. Please save the date!
The card transition conversation is heating up as we head into 2024 and we will begin pushing out more and more information to our member/owners through our website, mailings, and social media. Do not hesitate to call or stop by one of our branches if you have questions. However, the reality of this transition should be that it is in a non-event for our member/owners. We are not changing from Mastercard and your card numbers will not be changing. The real change is the backside processing that most members do not see and a change to our card reward program. Our ATMs will need to be transitioned to the new network as well, but we’ll publish a schedule and do these changes during business hours so you will maintain access to your accounts though the drive-thru or in-person service. Again, if you have any questions do not hesitate to reach out.
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, and the Board of Directors and Staff would like to wish you all the best. We view Quest as a 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! 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 email@example.com. 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