Quorum Federal Credit Union Celebrates 90-Year Anniversary

Online Credit Union reflects on its beginnings and how it has evolved. 

PURCHASE, N.Y., April 10, 2024 /PRNewswire/ -- Quorum Federal Credit Union, a forward-thinking, technology-based online credit union serving members across the U.S., celebrates 90 years in business in 2024.

The credit union's logo has been updated (pictured) for the year to commemorate the occasion, and is displayed on its website and communications.

"The word 'Quorum' means a select group," says President and CEO Jeffrey Pachter. "A name that has come to signify who we are as a credit union, who our members are, and the exclusivity of advantages that come with membership. But we started very differently in 1934."

The credit union was originally formed in the midst of the Great Depression as Kraft Foods Credit Union, when banks were failing and personal savings were being lost as a result. A group of Kraft Foods employees decided they could do better by saving together under one roof, for more financial clout for all members, big or small. In 1936, General Foods employees at New York City headquarters devised a similar goal: to pay as large a dividend to shareholders as possible and, at the same time, make loans available to members at the lowest possible rates. General Foods Federal Credit Union (GFFCU) was formed. In 1994, that General Foods Federal Credit Union merged with Kraft Employees Credit Union to become Kraft General Foods Federal Credit Union, then in 1995 to Kraft Foods Federal Credit Union, and not until 2005 did the credit union become Quorum Federal Credit Union to better reflect its growth beyond its corporate roots, and its ever-expanding membership, which now serves over 50 companies nationwide including Ogilvy, Avon, Mastercard, Mondelēz International, Philip Morris International, Altria, and Heineken and has members living in all 50 states.

"We like to say, 'We're not your typical brick and mortar credit union," says Pachter. "Quorum is now entirely online; we've invested heavily in our remote services—online and mobile banking, chat, as well as our call center—so members can reach us whenever they need us. These investments put us in a strong position to confront the pandemic in 2020 when many other credit unions struggled to update their infrastructure, and have also allowed us to become an employer of choice, as almost all of our employees enjoy a remote work arrangement, which embraces the concept New Work, a trust-based and outcome-oriented flexible work model.

"Our online-only model also allows us to maintain lean overhead costs which empowers us to pivot as needed while upholding sound financial stewardship principles, all while staying ahead of the curve and remaining relevant in today's dynamic landscape," continues Pachter. "While we invest heavily in the future, technology and new business streams, our ultimate purpose is always to give as much back to the member as possible, in the form of new services, better rates, and lower fees."

Quorum's recent accolades include being named One of the Top Credit Unions of 2024 by Bankrate, CNET and Business Insider, and most recently, a nod from MarketWatch, who has named Quorum one of the Best Online Banks of 2024, grouping Quorum amongst banks and credit unions. Its online financial resource, the Learning Hub, is the two-time recipient of America's Credit Unions distinguished Diamond Award and has been recognized by retail banking influencer Jim Marous in his Fisionaries Podcast, and Fortune Magazine, who recognized it as a "hub to help members manage their accounts more efficiently and protect their financial health." Savings and loan products have been recognized by notable publications such as CNBC, CNN, Kiplinger, Forbes, and Fortune.

The credit union has also been Certified™ by Great Place to Work® for the second year in a row, and named by Fortune Media as one of the Best Workplaces in Financial Services and Insurance.

"The year 2024 is a milestone for Quorum," concludes Pachter. "It marks 90 years in business and 90 years of helping members and partners live life as they choose. It also marks 90 years of Quorum members choosing us and entrusting us with their hard-earned savings. A choice that means all the more to us amidst some of the financial headlines, from bank failures, data breaches, rate hikes, recession fears, to uncertainties surrounding the job market.

"For nine decades, we have successfully balanced innovation, entrepreneurship, agility, and foresight with rigorous and comprehensive risk management practices, sound lending polices, and the astute oversight of our governing bodies, which have allowed us to not only remain a safe and sound place to bank, but a competitive place to bank."

About Quorum Federal Credit Union

Quorum Federal Credit Union (quorumfcu.org) is a forward-thinking, technology-based online credit union headquartered at 2500 Westchester Avenue, Purchase, NY 10577. Founded in 1934 as the exclusive credit union for Kraft Foods employees, today the Credit Union serves over 50 companies nationwide including Ogilvy, Avon, Mastercard, Mondelēz International, Philip Morris International, Altria, and Kraft Heinz and has members living in all 50 states. Quorum is banking that is focused on its customers (members, partners and employees) and how its products and services help them to live life as they choose. Its aim is to do "Good" by and for its customers. We call this mission Banking That's Good. For You™.

To learn more about Quorum, and how to join, quorumfcu.org/why-quorum.

For media inquiries or interviews, please contact [email protected].

SOURCE Quorum Federal Credit Union