San Diego County Credit Union closes first quarter 2018 with positive growth
Assets increased 3.9% from the same time last year; customer base grew 10.5%
San Diego County Credit Union®
), San Diego’s largest locally-owned financial institution, released positive first quarter financial results for 2018.
SDCCU reported that total assets rose 3.9 percent from the end of first quarter 2017 to $8.4 billion at the end of March 2018. Year-to-date return on assets remained strong at 1.37 percent in the first quarter. Year-over-year loan growth is at 10.5 percent. Additionally, SDCCU’s customer base continues to grow at 10.5 percent over the same time period in 2017.
“In 2018, 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 Campbell.
The net-worth-to-assets ratio for the first quarter was 14.59 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 384,000 customers in San Diego, Riverside and Orange counties. Grand opening celebrations were held for two new branches in Orange County, SDCCU Costa Mesa and SDCCU Mission Viejo branches. SDCCU was recognized as one of San Diego’s Best and Brightest in Wellness by the National Association for Business Resources and was selected as a Live Well San Diego
Public Health Champion. The credit union hosted its Biggest Used Car Sale Event held at the Del Mar Fairgrounds. SDCCU expanded its Financial Wellness Wednesdays program in 2017, and it has continued to grow throughout 2018 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 67 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 46,000 pounds of paper were shredded and recycled, saving 392 trees. SDCCU is still the reigning Guinness World Records®
holder for both the most paper collected and shredded in a 24-hour period at a single location, and the most paper shredded in eight hours at a single location. The next SDCCU Super Shred Event is scheduled for June 16, 2018 at SDCCU 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 $8.4 billion, over 384,000 customers, 43 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