SAN DIEGO – San Diego County Credit Union on Monday said it had "positive" financial results for the first quarter of 2016, highlighted by growth in total assets, members and lending.
SDCCU reported its total assets rose 7.76% from the end of first quarter 2015 to $7.4 billion at the end of March 2016. It said year-to-date return on assets remained "strong" at 1.51% percent in the first quarter. Year-over-year loan growth was 19.65% percent, while member growth was 10.25% percent over the same time period in 2015.
The credit union said its net-worth-to-assets ratio for the first quarter was 13.71% ("well-capitalized").
"SDCCU's focus on providing WOW service and the best financial products and services to meet the busy lives of members continues to fuel our upward growth – in addition to our dedication to improving the financial health of individuals in the communities we serve," Teresa Halleck, SDCCU's president and CEO, said in a statement.
SDCCU launched what it calls "Financial Wellness Wednesdays" in January. It partnered with the San Diego County Library System in support of the Live Well San Diego initiative to deliver financial wellness presentations at local libraries. From January through March, SDCCU hosted nearly 60 no-cost financial wellness presentations for hundreds of attendees.
Other highlights from the first quarter included SDCCU topping 316,000 members in Southern California and the grand re-opening of its Pacific Beach branch in January after the branch spent more than a year in a temporary trailer on the property where it resides during an extensive remodel of the shopping center.
SDCCU is still the reigning Guinness World Record holder for the most paper collected and shredded in a 24-hour period at a single location. The next SDCCU Super Shred Event is scheduled for July 30 at Qualcomm Stadium – where and when the credit union says it plans to break its own world record.
San Diego County Credit Union is San Diego's largest locally-owned financial institution, serving San Diego, Riverside and Orange counties. SDCCU has 38 branches and 30,000 surcharge-FREE ATMs.
