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San Diego County Credit Union’s year-end report shows strong growth
Commitment to innovation, service excellence and community support contributed to SDCCU’s continued upward growth
2/16/2016 12:00 a.m.
SDCCU released financial results for 2015. SDCCU reported that total assets increased to $7.2 billion at the end of 2015, compared to $6.7 billion at the beginning of the calendar year. SDCCU’s customer base ended the year at 308,017, welcoming more than 28,000 new customers and representing an increase of 10.08 percent from last year. Return on assets continues to be strong at 1.26 percent for the year 2015.
“Our overall strategy, diligent efforts by our organization’s leadership and the commitment of the SDCCU team to deliver exceptional service to our customers resulted in solid growth for our organization in 2015,” said Teresa Halleck, SDCCU president and CEO. “We will continue to provide convenient and sound financial products, services and education to our customers and the community as we look forward to being the preferred financial partner for residents of Southern California for many years to come.”
Additionally, the net-worth-to-assets ratio for 2015 was 13.85 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.
SDCCU’s growth and success was fueled by several highlights throughout the year. The SDCCU Mobile Banking app was upgraded to include a variety of new features designed to make banking on the go easier for customers, including the ability to view account balances without logging in, as well as pending transactions, the opportunity to schedule branch appointments and the ability to change passwords within the app, to name a few. SDCCU began offering Apple Pay™, providing customers the opportunity to enroll their SDCCU Visa® debit and/or credit card with Apple Pay for secure payments with a simple touch from their mobile device. SDCCU’s Internet Branch online banking was also enhanced with the addition of FICO® Score, allowing customers with an active loan the option to see their FICO Score at no charge. SDCCU also opened new branches in National City and Hillcrest, relocated its Sorrento Mesa Branch to a more convenient location and re-opened the Pacific Beach Branch after an extensive year-long remodel of the shopping center where it resides. As a result, SDCCU earned many accolades and awards in 2015, including being voted Best Credit Union by readers of the San Diego Union-Tribune for the 16th year in a row and awarded one of San Diego’s Healthiest Companies by the San Diego Business Journal.
In addition, SDCCU won its third Guinness World Record®, which was set at its SDCCU Super Shred Event, for most paper collected in a 24-hour period at a single location. At the event, SDCCU collected and shredded 584,350 pounds of paper, protecting the community from identity theft and saving 4,967 trees. The SDCCU Super Shred Event was just one of more than 280 community activities SDCCU supported in 2015. SDCCU was named Community Champion of the Year by the North San Diego Business Chamber and 2015 Community Partner of the Year by SDX, San Diego’s premier marketing association.
“SDCCU was founded on the principle that people come first and profits second—being an engaged community partner is a cornerstone of who we are. We will continue to give back and make a difference in the communities where we live and work,” said Halleck.
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 $7.2 billion, over 308,000 customers, 38 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 banking, mortgage loans, auto loans, Visa® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. For more information, visit www.sdccu.com.