Following last year’s record loan growth, we’re pleased to report another healthy year in first and second mortgages, as well as our loan verticals. We’re proud to help you fulfill your goals; this in turn helps us to better position Quorum for the future.
Our international graduate student loan program continues to flourish: together with our core undergraduate student loan program, we’ve loaned over $18 million this year, and are proud to be one of the top credit union student loan lenders in the country. We are particularly pleased with our international graduate program; this specialized program helps students coming to the U.S. obtain financing—often during a very difficult and stressful time—and offers one-on-one, in-person service and consultation to help explain all aspects of the program.
Serving You Always
Over the last few years we have focused on growing and investing in our remote services—online and mobile banking, as well as our Call Center. As a result, adoption rates of these remote services has increased significantly, while traffic to our branches has steadily declined. In light of this trend, we made the decision to close some of our branches this year in locations where we saw these declines: Glenview, IL (Kraft Foods Technical Center); Newberry, SC (Louis Rich Plant Facility); and Chicago, IL (Mondelez Plant Facility). In addition, due to the Oscar Mayer Plant and Management Center closing, our branch in Madison, WI was closed earlier this year.
While we realize this decision impacts some of our valued members, we are confident that our remote services will provide even more convenience than a physical branch. This evolution from on-site banking to remote delivery ultimately allows all of our members in all 50 states to bank with us whenever they want, wherever they are. Savings realized from this shift will allow us to increase our investment in remote delivery channels; expect to see enhanced mobile banking, P2P (person-to-person payments), a more streamlined online banking experience—and more—in the near future.
Your Feedback Matters
Speaking of “more,” in a continuing effort to monitor and enhance your experience with us, we are launching member feedback surveys throughout the new year (some of you may have already received our survey). We are carefully and thoroughly reviewing your feedback to help shape our upcoming and existing products and services, and be sure we continue to offer you the best.
In the News
You may have read in the news how ridesharing firms Uber and Lyft have caused disruption to the taxi medallion industry, once considered a very safe and healthy portfolio investment for financial institutions. While Quorum has never originated taxi medallion loans, we successfully participated in these loans with partner credit unions for 13 years with zero losses, before ending our participation in 2013.
Due to this market disruption, we have increased our loan portfolio reserves to account for future potential losses. As a result, Quorum is well positioned for 2017, with strong capital and loan reserves. Through this period, Quorum remains safe and sound, and always ready to serve you.
Adapting to a New World
Fraud has become a new and inconvenient reality that has affected the way all of us operate. As technology evolves, so do the financial crimes we witness, which can have a detrimental impact on our finances and our lives. To minimize these crimes, our fraud department constantly looks for the most effective ways to protect your account and personal information.
Some of the recent security measures we implemented to ensure the safety of your account may have resulted in a change in process; you may find that certain transactions you perform with us now require additional steps or verification. We appreciate your patience and understanding with these changes, as we continuously strive for the ideal balance between the security of our members’ accounts and providing a simple and convenient banking experience.
Thank you to our members, employees and Board of Directors for your continued loyalty to Quorum. We are honored and proud to be your financial services provider.
My best wishes for a happy and healthy 2017.
Questions or Comments?
Email us or call us at (800) 874-5544, M-F, 8:30 a.m. – 7:00 p.m. ET to speak to a Member Service Representative.