SDCCU wraps up first quarter 2017 with positive growth
Assets increased more than 8% from the same time last year; customer base grew over 10%
SDCCU releases positive first quarter financial results for 2017.
SDCCU reported that total assets rose 8.98 percent from the end of first quarter 2016 to $8.1 billion at the end of March 2017. Year-to-date return on assets remained strong at 1.25 percent in the first quarter. Year-over-year loan growth is at 11.68 percent. Additionally, SDCCU’s customer base continues to grow at 10.10 percent over the same time period in 2016.
“In 2017, SDCCU will continue our commitment to our customers to meet their needs and help make their lives easier. This includes delivering exceptional service, enhancing our existing product and service portfolio, leveraging new technologies to develop the best financial offerings and providing educational opportunities to help strengthen their financial foundation,” said SDCCU President and CEO Teresa Halleck.
The net-worth-to-assets ratio for the first quarter was 13.86 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.
In addition to continued strong results, SDCCU has experienced several highlights so far this year. SDCCU is now proudly serving over 348,000 customers in San Diego, Riverside and Orange counties. SDCCU opened its 41st branch in Scripps Ranch, located at 9974 Scripps Ranch Blvd. Grand opening celebrations were held for two new branches in Orange County, SDCCU Alicia Parkway and SDCCU Westminster branches. SDCCU was recognized as one of San Diego’s Best and Brightest in Wellness by the National Association for Business Resources and received a Gold Award as the Best Credit Union in San Diego Downtown News. The credit union sold a record number of vehicles at its Biggest Used Car Sale Ever held at the Del Mar Fairgrounds. SDCCU expanded its Financial Wellness Wednesdays program, which will now continue throughout 2017 providing the community access to financial information at no cost. January through March, SDCCU, in partnership with the San Diego County Library System in support of the Live Well San Diego initiative, hosted 35 financial wellness presentations.
SDCCU continued its commitment to keeping the community safe, providing the community a free opportunity to properly dispose of confidential information at its latest SDCCU Shred Day held in March—over 55,000 pounds of paper were shredded and recycled, saving 470 trees. 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 June 24, 2017 at Qualcomm® Stadium where SDCCU plans once again to break the current world record with the community's support.
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 $8.1 billion, over 348,000 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 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.