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San Diego County Credit Union third quarter 2014 results show continued growth
Assets increased more than 5% from the same time last year; customer base grew over 8%; loans up 23.6%
11/07/2014 12:00 a.m.
San Diego’s largest locally-owned financial institution, releases positive third quarter financial results for 2014.
SDCCU reported that total assets rose 5.1 percent from the end of third quarter 2013 to $6.6 billion at the end of September 2014. Return on assets increased to 1.55 percent in the third quarter, compared to 1.47 percent at the end of September 2013. Year-over-year loan growth is at 23.6 percent. Additionally, SDCCU’s customer base continues to grow at 8.6 percent over the same time period in 2013.
“SDCCU continues to show positive growth and progress year-over-year. This continual growth is fueled by SDCCU’s strong focus on our customers. Our exceptional employees are committed to delivering WOW service and providing breakthrough banking products that meet the needs of customers,” said SDCCU President and CEO Teresa Halleck. “SDCCU will continue to provide sound financial services to improve the overall financial health and well-being of individuals.”
The net-worth-to-assets ratio for the third quarter was 13.42 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 274,000 customers in San Diego, Riverside and Orange counties. SDCCU was named San Diego’s BEST Credit Union for the 15th consecutive year by readers of the U-T San Diego and Best Local Credit Union by San Diego City Beat. SDCCU was also recognized with a 2014 Workplace Excellence Award by the Society of Human Resource Management and was the first financial institution to be designated a Live Well San Diego partner. A new Guinness World Record® was set at the SDCCU Super Shred Event, which resulted in the collection and shredding of 422,350 pounds of paper, protecting the community and saving 3,590 trees. EMV chip card technology is now offered to SDCCU customers, creating a more secure credit card transaction process for customers. And, SDCCU opened two new branches in the San Ysidro and Balboa/Genesee areas, with plans to open two more branches, La Costa and Hillcrest, in the near future.
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 $6.6 billion, over 274,000 customers, more than 30 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.