San Diego County Credit Union is reporting "positive" financial results for the third quarter of 2016.
SDCCU reported its total assets rose 9% from the end of third quarter 2015 to $7.7 billion as of Sept., 30, 2016. Return on assets increased to 1.34% in the third quarter, compared to 1.26% at the end of September 2015. Year-over-year loan growth was 17%.
The credit union said its member base continues to grow – up 10% over the same time period in 2015.
"SDCCU continues to show positive growth and progress year-over-year, which is fueled by the organization's unwavering focus on our members," Teresa Halleck, SDCCU's president and CEO, said in a statement. "Our incredible team is committed to delivering WOW service and providing breakthrough banking products and services to meet the busy lives of our members. SDCCU looks forward to continuing to provide the best products, services and education to improve the financial health of individuals."
The credit union said its net-worth-to-assets ratio for Q3 was 13.81%, which it noted was well above the 7% minimum capital level for credit unions regarded as "well-capitalized," as specified by the National Credit Union Administration.
SDCCU said it has experienced several highlights so far this year, including topping 333,000 members in San Diego, Riverside and Orange counties. SDCCU was named San Diego's BEST Credit Union for the 17th consecutive year by readers of the San Diego Union-Tribune and Best Local Credit Union by San Diego CityBeat. A new Guinness World Record was set at the SDCCU Super Shred Event, which resulted in the collection and shredding of 589,251 lbs. of paper, protecting the community and saving more than 5,000 trees.
Recently, the CU became one of the first financial institutions in the country to offer mobile cash access with
San Diego County Credit Union is San Diego's largest locally-owned financial institution serving San Diego, Riverside and Orange counties, via 30,000 surcharge-free ATMs.
