San Diego County Credit Union third quarter 2016 results show continued growth
Assets increased more than 9% from the same time last year; customer base grew over 10%; loans up 17%
SDCCU releases positive third quarter financial results for 2016.
SDCCU reported that total assets rose 9% from the end of third quarter 2015 to $7.7 billion at the end of September 2016. Return on assets increased to 1.34% in the third quarter, compared to 1.26% at the end of September 2015. Year-over-year loan growth is at 17%. Additionally, SDCCU’s customer base continues to grow at 10% over the same time period in 2015.
“SDCCU continues to show positive growth and progress year-over-year, which is fueled by the organization’s unwavering focus on our customers. Our incredible team is committed to delivering WOW service and providing breakthrough banking products and services to meet the busy lives of customers,” said SDCCU President and CEO Teresa Halleck. “SDCCU looks forward to continuing to provide the BEST products, services and education to improve the financial health of individuals.”
The net-worth-to-assets ratio for the third quarter was 13.81%, well above the 7% 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.
In addition to continued strong results, SDCCU has experienced several highlights so far this year. SDCCU is now proudly serving over 333,000 customers in San Diego, Riverside and Orange counties. SDCCU was named San Diego’s BEST Credit Union for the 17th consecutive year by readers of the San Diego Union-Tribune and Best Local Credit Union by San Diego CityBeat. A new Guinness World Record® was set at the SDCCU Super Shred Event, which resulted in the collection and shredding of 589,251 pounds of paper, protecting the community and saving over 5,000 trees. The organization was one of the first financial institutions in the country to offer mobile cash access with the launch of its SDCCU Wallet app. SDCCU also opened its Alicia Parkway and Westminster branches in the Orange County area, bringing its total to 40 branch locations.
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 $7.7 billion, over 333,000 customers, 40 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.