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San Diego County Credit Union ends 2016 with positive growth
Strong results attributed to SDCCU’s commitment to innovation, service excellence and community support
3/13/2017 12:00 a.m.
SDCCU released financial results for 2016. SDCCU reported that total assets increased to $7.9 billion at the end of 2016, compared to $7.2 billion at the beginning of the calendar year. SDCCU’s customer base ended the year at 339,205, welcoming more than 31,000 new customers and representing an increase of 10.13% percent from last year. Return on assets continues to be strong at 1.41 percent for the year 2016.
“These impressive results represent solid growth for our organization in 2016, much of which can be attributed to our overall strategy, diligent efforts by our organization’s leadership and the commitment of the SDCCU team to deliver exceptional service to our customers,” said Teresa Halleck, SDCCU president and CEO.
Additionally, the net-worth-to-assets ratio for 2016 was 13.91 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.
“With the constant evolution of our industry, SDCCU is dedicated to finding ways to leverage new technologies to better serve our customers and remain at the forefront of the financial industry,” said Halleck.
SDCCU’s overall growth rate in membership was more than double the national average for credit unions in the U.S., fueled by several highlights throughout the year. In 2016, SDCCU was one of the first financial institutions in the country to offer mobile cash access with the launch of its SDCCU Wallet. SDCCU Wallet is a secure, easy way for customers to get cash at SDCCU ATMs without their debit card, exemplifying SDCCU’s commitment to providing customers breakthrough banking products that save time. SDCCU launched its new Visa® Signature Rewards credit card, offering two points per dollar spent on net purchases and no foreign transaction fees.
SDCCU was voted in The San Diego Union-Tribune Readers Poll for BEST Credit Union for the 17th year in a row, BEST Auto Loan Provider for the third year and BEST Financial Planner and BEST Home Loan Provider for the seventh year in a row; recognized with a 2016 Excellence in Employee Engagement Award by the CUNA HR & Organizational Development Council; a 2016 San Diego’s Healthiest Companies Awards by the San Diego Business Journal; and SDCCU was also recognized as BEST Credit Union by San Diego City Beat, Uptown News, Downtown News and Mission Times Courier. Halleck was honored by the North San Diego Business Chamber as Business Leader of the Year and recognized by the San Diego Business Journal with a Women Who Mean Business Award. 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. In 2016, SDCCU also expanded further into Orange County with the opening of its new Alicia Parkway and Westminster branches, bringing its total to 40 branch locations throughout Southern California.
San Diego County Credit Union is San Diego’s largest locally-owned financial institution serving San Diego, Orange and Riverside counties. SDCCU has assets of $7.9 billion, over 342,000 customers, 41 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 banking, mortgage loans, auto loans, Visa® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. For more information, visit sdccu.com.