San Diego County Credit Union ends first quarter 2016 with positive growth
Assets increased more than 7% from the same time last year; customer base grew over 10%
SDCCU releases positive first quarter financial results for 2016.
SDCCU reported that total assets rose 7.76% percent from the end of first quarter 2015 to $7.4 billion at the end of March 2016. Year-to-date return on assets remained strong at 1.51% percent in the first quarter. Year-over-year loan growth is at 19.65% percent. Additionally, SDCCU’s customer base continues to grow at 10.25% percent over the same time period in 2015.
The net-worth-to-assets ratio for the first quarter was 13.71% percent, well above the 7 percent minimum capital level for credit unions regarded as “well-capitalized,” as specified by the National Credit Union Administration (NCUA), the independent federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions in the U.S.
“SDCCU’s focus on providing WOW service and the best financial products and services to meet the busy lives of customers continues to fuel our upward growth—in addition to our dedication to improving the financial health of individuals in the communities we serve,” said SDCCU President and CEO Teresa Halleck.
That dedication was evident with SDCCU’s launch of Financial Wellness Wednesdays in January 2016. SDCCU partnered with the San Diego County Library System in support of the Live Well San Diego initiative to deliver financial wellness presentations at local libraries. On Wednesdays through March, the community was able to seek financial education at no cost. SDCCU hosted nearly 60 financial wellness presentations for hundreds of attendees.
SDCCU experienced several other highlights that contributed to its strong results in first quarter. SDCCU is now proudly serving over 316,000 customers throughout Southern California. The grand re-opening of the Pacific Beach Branch was held in January after the branch spent over a year in a temporary trailer on the property where it resides during an extensive remodel of the shopping center.
SDCCU is still the reigning Guinness World Record® holder for the most paper collected and shredded in a 24-hour period at a single location. The next SDCCU Super Shred Event is scheduled for July 30, 2016 at Qualcomm® Stadium where we plan to break the current world record.
San Diego County Credit Union is San Diego’s largest locally-owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of $7.4 billion, over 316,000 customers, 38 convenient branch locations and 30,000 surcharge-FREE ATMs. SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers money. SDCCU is leading the way, offering FREE Checking with eStatements, SDCCU Mobile Deposit, mortgage loans, auto loans, Visa® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. Equal Opportunity Employer. For more information, visit www.sdccu.com.