San Diego County Credit Union closes first quarter 2019 with strong customer base growth
Customer base grew 6.56%; Year-to-date return on assets was 1.32%
SAN DIEGO, CA (May 22, 2019) — San Diego County Credit Union® (SDCCU®), one of California’s largest credit unions, released positive first quarter financial results for 2019.
Year-to-date return on assets remained strong at 1.32 percent in the first quarter, and total assets ended the quarter at $8.4 billion. Year-over-year loan growth is at 1.62percent. Additionally, SDCCU’s customer base continues to grow at 6.56 percent over the same time period in 2018.
“In 2019, SDCCU will continue to provide the exceptional service our customers have relied on, as well as focus on enhancing our existing product and service portfolio, leveraging new technologies to develop the best financial offerings and providing educational opportunities to help strengthen their financial foundation,” said SDCCU President and CEO Teresa Campbell.
The net-worth-to-assets ratio for the first quarter was 15.94 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 409,000 customers in San Diego, Riverside and Orange counties. SDCCU was recognized as one of San Diego’s Best and Brightest in Wellness® by the National Association for Business Resources (NABR), as well as recognized as the 2019 San Diego’s Best of the Best Wellness Employer Elite Award winner. SDCCU expanded its Financial Wellness Wednesdays program in 2018, and it has continued throughout 2019 providing the community access to financial information at no cost. January through March, SDCCU, in partnership with the San Diego County Library System in support of the Live Well San Diego initiative, hosted over 50 financial wellness presentations.
SDCCU continued its commitment to keeping the community safe, providing the community a free opportunity to properly dispose of confidential information at its latest SDCCU Shred Day held in March—over 62,000 pounds of paper were shredded and recycled, saving 533 trees. SDCCU is still the reigning Guinness World Records®holder for both the most paper collected and shredded in a 24-hour period, and the most paper shredded in eight hours. The next SDCCU Super Shred Event is scheduled for June 15, 2019 at SDCCU Stadium where SDCCU plans once again to break the current world record for the most paper shredded in eight hours with the community’s support.
About San Diego County Credit Union (SDCCU)
SDCCU is one of the nation’s top credit unions and ranked a top five credit union in California by Forbes. SDCCU proudly serves the financial needs of customers in Southern California counties, including Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura. SDCCU has assets of over $13 billion, more than 437,000 customers, over 40 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. Membership required. Equal Housing Opportunity. NMLS #580585. For more information, visit www.sdccu.com.
