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San Diego County Credit Union Second Quarter Financial Results Show Exceptional Growth
7/31/2013 12:00 a.m.
San Diego County Credit Union (SDCCU), San Diego’s largest locally-owned financial institution, releases positive second quarter financial results for 2013.
SDCCU reported that total assets rose 8.8 percent from the end of second quarter 2012 to over $6.2 billion at the end of June 2013. Return on assets increased to 1.48 percent at mid-year, compared to 1.30 percent at mid-year 2012. Additionally, SDCCU’s customer base continues to grow at more than 5.3 percent over the same time period in 2012. This impressive growth rate is nearly four times higher than the annualized national average for all credit unions in the U.S. based on a first quarter 2013 growth estimate from cuna.org.
“It was a solid first half of 2013 with continued progress in performance and growth for SDCCU,” said Teresa Halleck, San Diego County Credit Union president & CEO. SDCCU’s net-worth-to-assets ratio for the second quarter was 12.27 percent, well above the 7 percent minimum capital level required for credit unions to be regarded as “well-capitalized” as specified by the National Credit Union Administration (NCUA). The NCUA is an 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 solid financial performance, San Diego County Credit Union continues to see growth in new members,” continued Halleck, “The credit union continues to be a market leader and offers consumers first-to-market banking products like our new SDCCU Easy Transfer mobile app. Much of our success comes from being able to be a market innovator while strategically managing costs.”
More impressive SDCCU highlights from first half of 2013:
Successful launch of Internet Branch online banking with a convenient account dashboard and pending online SDCCU bill pay payments.
Introduced SDCCU Paybacks™ cash back reward program to active SDCCU Visa® debit and credit card holders.
Launched email security alerts when updating username, email address or password.
Opened two branch locations in Ranch Bernardo and Rancho Penasquitos bringing SDCCU’s total branch network to 31 full-service branches.
First to market in San Diego with SDCCU Easy TransferSM, a smartphone app where SDCCU credit card holders can snap a photo of their other high-rate credit card bills and conveniently transfer the balance to SDCCU.
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 over $6.2 billion, more than 247,000 customers, 31 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.