A message from Brian C. Gilbert, CEO
The world has changed very rapidly over the last 18 months. We’ve gone from a pre COVID world to a post COVID world where we’ve learned to change, adapt, and thrive. During the pandemic, we’ve seen some companies thrive and others close. We have seen weakness in our supply chains and high demand for products causing rising prices in many commodities. We’ve seen people making decisions that appeared to be from panic rather than rational thought.
Fortunately, MTFCU was well-positioned to provide continuous service to our members even when lobbies were closed. One thing is certain – We want to be a valued financial partner for our members wherever they live or work. As more members gravitate toward online and mobile banking, one fear is that we lose the ability to interact in person with our members. Regardless of how you use Members Trust, we want to provide affordable, financial services to help you succeed.
As always, we are looking for ways to improve operational efficiencies for the services we provide so we will be upgrading some of our products and processes. We will be utilizing new software to improve efficiencies in commercial loan underwriting and tracking. In February 2022, we will be converting to a new debit card processor. Watch for more information about this conversion in the fourth quarter of 2021. Last, we are evaluating software that will help us enhance investment tracking and reporting. Each of these improvements requires a substantial commitment of time and money. And, while these are expensive options, the board and management of the credit union believe that these changes will help us keep in step with technology to meet the needs of our membership and enhance security.
With that in mind, Members Trust closed out the first half of 2021 with a healthy balance sheet. We had an annualized deposit growth of over 13% with loan growth of 19% along with a return on average assets of 1.09% annualized. Thanks to our members for using MTFCU as your primary financial institution and to our staff for the quality service they provide to our members.