A message from Brian C. Gilbert, CEO
2020 was a good year financially, for Members Trust. We had asset growth of a little over 7% and capital growth was just over 11%. So, we remain a financially strong credit union. We’ve been serving members since 1936 and this year marks our 85th anniversary. I appreciate the leadership from our board and the work of our staff to make this happen.
As we enter 2021, I think back to where we were in January 2020. It feels like more than a year ago! We’ve seen a tremendous amount of water under the bridge in the last twelve months and the world has changed in many ways beyond what we could have comprehended.
My purpose here is not to get into the political aspects of 2020, but to address the economics.
- Many people are struggling financially because of the pandemic.
- A lot of businesses have not been able to re-open.
- Large retailers have done well, but small businesses not so much.
- Delivery services have done great.
- Technology companies have done well.
- With low interest rates, mortgage lending has been off the charts.
- People continue to work from home and many companies are suggesting that will continue.
- With more people working from home and small businesses closing, it would appear the demand for retail space and commercial office space will diminish.
- A new administration may increase taxes and regulations.
We have all experienced big changes to our lives, and in my experience, once significant change happens, we never go back entirely to the way things were before. Instead, we learn to adapt and adjust to the changes. This is true for individuals, businesses, and your credit union.
While we can’t see the future clearly, I expect that this year will be another year of adjustment and continued change. Rest assured that Members Trust will be here to serve and help our members.
Thank you for utilizing your Credit Union, where we strive to meet your financial needs and be your Primary Financial Institution.