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San Diego County Credit Union’s Year-End Report Shows Strong Growth
Leveraging new technologies to better serve customers contributed to continued upward growth
1/24/2014 12:00:00 AM
SDCCU, San Diego’s largest locally-owned financial institution, released financial results for 2013. SDCCU reported that total assets were $6.3 billion at the end of 2013, compared to $5.8 billion at the beginning of the calendar year; customer base ended the year at 258,024, representing an increase of 6.48 percent; and return on assets was 1.48 percent for the year 2013, an increase from 1.47 percent at year end 2012.
“These impressive results represent solid growth for our organization in 2013, 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 2013 was 12.76 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 2013, SDCCU was first to market with the SDCCU Easy Balance Transfer app, allowing customers to easily transfer their high-rate credit card balances from other financial institutions to SDCCU using their smartphone. Additionally, online service improvements included a major upgrade to online banking, enhanced online security tools and an upgrade of the mobile banking app with real-time mobile deposits. Other notable services launched were the new iPad® application for tablet users and an enhanced and redesigned sdccu.com, which includes an interactive online branch and ATM locator service to highlight SDCCU’s leading market convenience. SDCCU also opened three new branches located in Rancho Bernardo, Rancho Penasquitos and the Sports Arena area.
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 $6.4 billion, more than 258,000 customers, more than 30 convenient branch locations and 30,000 surcharge-FREE ATMs. From FREE Checking with eStatements and SDCCU Mobile Deposit, to home and auto loans, Visa® credit cards, money market accounts and business banking services, including commercial real estate loans. SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers money. Federally insured by NCUA and is an equal housing lender. For more information, visit www.sdccu.com.