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 all well and in good health.
Our thoughts and prayers continue to go out to the entire Indian Lake community for your continued progress in recovering from the recent tornado damage. If you have been affected by the storm and need assistance with short term financing personally or for your business, please reach out to one of the Loan Officers and we would be happy to help. We have two options for emergency funding at a reduced rate and extended term.
Financially speaking, we are nearing the mid-year mark for 2024 and Quest is performing quite well. Currently we have ROA of 0.58%, Net Worth stands at 9.01% and our Loans to Shares is very strong at 76.86%. Delinquency is higher than we prefer at 0.97% but with that said, there are a few struggling loans that will return to performing and this number will be less than half of what it is now. Assets ended May at $192.4m, which is $8m in growth since year end. All in all, Quest is growing, and we are financially strong.
The card transition is mostly complete and we want to thank our member owners for your cooperation during the last several weeks. I believe for most all, the transition was a non-event which is exactly what we were hoping for and thanks to the fantastic execution by our staff, the non-event proved to be the case. There will be several tweaks that we will be making to card settings and ATMs as we find minor fixes that need addressed over the coming days and weeks, but we can confidently say that our card transition was a huge success. We are certain that you will notice improved card services and better card controls, which are now included in Its Me 24/7 online banking. If you need help with the card control settings, do not hesitate to reach out to one of our frontline staff members and they would be happy to assist you.
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! 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 mjennings@questfcu.com. Thank you for your loyal patronage to Quest and I challenge you to Explore the Possibilities!
Matt Jennings, Chief Executive Officer
Matthew Jennings, CEOQuest Federal Credit Union