President's Message

Like most credit unions, Quorum has been affected by our turbulent economy. But these unprecedented times have also brought us extraordinary new opportunities to continue doing what we do best: protecting our members' deposits, keeping fees low, and offering competitive deposit and loan rates. Although the economic downturn has forced us to tighten our belts, we've been able to reduce costs without sacrificing our firm commitment to top-tier service and minimal fees.

For instance, recent legislation designed to rein in the unfair, deceptive practices of many credit-card issuers had virtually no impact on Quorum's practices. Why? Because we've never relied on credit-industry gimmicks like double-cycle billing and universal default rates. We've always had our members' best interests in mind.

Our savings rates have remained competitive as well. I am happy to report that our deposits increased 11% this year. It's a testament to the faith our members have in us, and to the attractiveness of Quorum's deposit rates.

In December 2008, we introduced a new Online Banking system, which enabled us to keep members' online information secure while adding exciting new features like Mobile Banking. Admittedly, there have been a few issues with this system; thanks in part to your feedback, we've already addressed many of these issues. We'll continue such enhancements throughout the year.

Our sincere thanks to our members, employees and Directors, who helped make 2009 another successful year for Quorum. We look forward to working with all of you in years to come and helping you meet your goals.

Best wishes,

Bruno Sementilli