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San Diego County Credit Union second quarter 2016 results show continued growth
Highlights include recognition as BEST Credit Union by The San Diego Union-Tribune, Uptown News, Downtown News and Mission Times Courier
8/23/2016 12:00 a.m.
SDCCU releases positive second quarter financial results for 2016.
SDCCU reported that return on assets remains strong at 1.38 percent year-to-date through June 2016. Additionally, SDCCU’s customer base continues to grow at more than 10.28 percent over the same time period in 2015. This impressive growth rate is more than two times higher than the year-over-year national growth for all credit unions based on a growth estimate from CUNA (Credit Union National Association) for June 2016.
“It was a solid first half of 2016 with continued progress in performance and growth for SDCCU,” said SDCCU President and CEO Teresa Halleck. “In addition to strong financial performance, SDCCU continues to see growth in new customers. Much of the credit union’s success is due to a continued focus on providing exceptional customer service while being a market leader, offering breakthrough banking products to meet the diverse needs of customers. We will continue to remain focused on being a market innovator while strategically managing costs.”
SDCCU’s net-worth-to-assets ratio for the second quarter was 13.83 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.
SDCCU has experienced several highlights to date for 2016. SDCCU is now proudly serving over 325,000 customers in San Diego, Riverside and Orange counties. 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 Halleck was honored by the North San Diego Business Chamber as Business Leader of the Year. SDCCU was also recognized as BEST Credit Union by Uptown News, Downtown News and Mission Times Courier.
SDCCU continues to embrace the credit union philosophy of “people helping people” by making an impact in the communities we serve. SDCCU Chief Operating Officer Tum Vongsawad was honored with a Father of the Year Award from the American Diabetes Association® and along with Team SDCCU raised more than $80,000 to help prevent and cure diabetes, and to improve the lives of all people affected by diabetes. Team SDCCU raised over $10,000 as part of its support for the local San Diego MS Chapter and had more than 150 walkers participate in the San Diego County Credit Union Walk MS events. SDCCU Dining DealsTM reached over 30,000 meals donated to Feeding America San Diego in the second quarter of 2016.
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 $7.6 billion, over 325,000 customers, 39 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.