Quorum Federal Credit Union of Purchase has been ranked among the nation”™s high-performing credit unions and among the top 10 credit unions its size in members”™ service usage in two separate industry surveys.
Nationally, only 6 percent of credit unions earned the distinction as a high performer from Tony Ward-Smith, a longtime credit union consultant. His list ranks credit unions by their success in earning a larger percentage of their client”™s banking business.
Quorum, with an average of three accounts per member, ranks higher than all but seven of the 68 high-performing credit unions with between 30,000 and 50,000 members. Quorum members”™ average account balance of $7,384 also compared favorably with most of its peers.
Of Quorum”™s 43,132 members, 68 percent do their checking with the union, at an average checking account balance of $2,764. Also, 9 percent of Quorum members hold certificates of deposit with Quorum and 32 percent hold a Quorum credit card, in addition to the members who have new and used car loans and mortgages.
“This demonstrates our commitment to providing our members with all the tools necessary to obtain financial freedom and simplify their lives,” said Quorum president and chief executive officer Bruno Sementilli. “Providing our members with a convenient way to handle their financial needs is our way of keeping our promise to ”˜make life easier.”™”
Ward-Smith, who has tracked the performance of credit unions for nine years, said there has been a recent surge in the number of credit unions achieving high-performance status, though the overall number of high-performing unions remains small.
“This year, we have 536 credit unions on the high-performance list,” he said. That is a 16 percent increase but still amounts to only 6 percent of all U.S. credit unions, he said.
In addition, Credit Union Strategy and Performance, a publication of Callahan and Associates, ranked Quorum ninth on its Return of the Member list of credit unions with between $500 million and $1 billion in assets.
“Return of the Member” is a performance index that measures the value members get from the union. The three factors that make up the index include return to borrowers, return to savers and member service usage. By weighting and combining the three, Callahan arrived at a total score measuring how well credit unions provide and promote their services to members.
Sementilli said Quorum”™s elite ranking is due to its commitment to provide the best-possible financial services to its members.
A full-service financial institution, Quorum Federal Credit Union has headquarters at 2 Manhattanville Road in Purchase. With 43,000 members and $560 million in assets, it is the largest credit union in Westchester County and among the largest credit unions in the nation.
Quorum was founded in 1934 as a company benefit for Kraft Foods employees. Formerly known as Kraft Foods Federal Credit Union, the company changed its name in 2005 to better reflect its broad membership base.
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