Community First Credit Union annual report shows growth, lending power and investment in community institution grows by 8 percent, funds largest volume of small business loans
SANTA ROSA, CA (March 16, 2018) — Community First Credit Union, one of the largest credit unions in Florida, released its 2017 annual financial report at its 84th annual meeting held Thursday, March 15 at the credit union’s headquarters in LaVilla. The annual report shows strong deposit and loan growth for the fifth year in a row and a record $30 million in new local business loans to area organizations and entrepreneurs.
Report Highlights:
- Total deposits increased to nearly $1.3 billion dollars, the highest in the institution’s history and an increase of more than 8 percent over the previous year’s $1.2 billion.
- Commercial banking deposits increased more than 16 percent to nearly $60 million.
- The credit union’s total loan portfolio grew to a record $1.026 billion, the first time to climb above $1 billion.
- Commercial loan originations were a record $30 million, all loaned to businesses on the First Coast. This represents a 25 percent increase over the previous year’s $24 million in commercial loans.
- The credit union also provided the largest commercial loan in its history – $4.7 million to an area business.
- The credit union continues to serve a larger membership in our region every year. Membership grew to more than 126,000 from 119,000 the previous year – a 5 percent increase.
- In August, the institution made its largest investment in upgraded technology, including its new online and mobile banking platforms, which offer security, accessibility and features on par with larger and national institutions.
- During Hurricane Irma recovery, the credit union loaned more than $3.6 million in Hurricane Recovery Loans to area residents.
- To help recovery in the weeks following Hurricane Irma, the credit union forgave, suspended or refunded more than a quarter of a million dollars in member fees like those for non-credit union ATMs and overdrafts.
The credit union also updated members on its Branch Transformation initiative, now in its third year. In 2017, the credit union completed the renovation and retrofit of the Westside Branch on 103rd Street in Jacksonville, started construction on the freestanding Fleming Island Branch in Clay County, which opened in January, completed the refresh at its Northside Branch on Edgewood Avenue and started a full interior and exterior renovation at its Beaches Branch on S. 3rd Street in Jacksonville Beach. The team also planned the design of its expansion branch in Oakleaf, its 19th location.
“2017 was a year of growth as well as further investment in our members, branch network and community,” said John Hirabayashi, CEO and president of Community First. “By making significant investments in our branch network and technology, we are positioning the credit union to keep pace with consumers and business owners as their financial needs evolve.”
In 2017 Community First expanded its commitment to projects, initiatives and events that improve quality of life on the First Coast. It became The Florida Theatre’s first-ever season-long sponsor and the presenting sponsor of both the Jacksonville Jumbo Shrimp and the Jacksonville Icemen. It continued support for beloved community events like the Community First Seawalk Music Festival and the Sing Out Loud Festival in St. Augustine.
About Community First Credit Union (CA)
Community First Credit Union, founded in 1959, is a full-service credit union that makes a concerted effort to not behave like a big bank. Originally created by seven local teachers in need of home loans, the credit union is now home to over $621 million in assets and serves more than 60,000 Members across Lake, Marin, Mendocino, Napa, and Sonoma counties. Community First prides itself on community service and diversity, going above and beyond in both areas. In 2019, CFCU employees volunteered over 2,668 hours of personal time to support local schools and organizations. As a CDFI and Inclusiv credit union, Community First is the only locally based bank or credit union to have been acknowledged to proactively serve people of color, as well as hiring from within and locally in an effort to maintain a diverse staff. To learn more, visit https://www.comfirstcu.org/.
