Suncoast Credit Union on Monday said it surpassed $10 billion in assets at the end of May and is poised to grow more in the future, thanks to being approved to expand into 18 additional counties in Florida.
Fewer than a dozen credit unions hold more than $10 billion in assets, and those that do are subject to additional scrutiny from the Consumer Financial Protection Bureau.
Last year, Suncoast grew by more than 63,000 new members. To support the expected high volume of growth over the next decade, Suncoast said it is placing an emphasis on building infrastructure and capacity to scale operations, with a focus on technology and digital capabilities.
“As part of this multi-year plan, Suncoast was able to provide upgraded payment and mobile initiatives, as well as evening and Saturday service hours through Interactive Tellers,” the credit union said in a statement.
The credit union said milestones it reached in 2018 included:
• A record year for lending, originating $3.999 billion in new loans
• Opening a new administrative building and adding three new branches
• Expanding its charter to 18 additional counties
• $71 million in total financial benefits to members, an average of $206 per household
• Employees volunteered more than 30,000 hours in 2018 and the CU sponsored 378 community events
• The Suncoast Credit Union Foundation donated a total of $3.3 million to support initiatives that promote the education, health and emotional well-being of children.
“In 2018, we brought forward the message that ‘your fantastic future starts here’ because we are committed to helping improve the financial lives of our members by understanding and helping them reach their goals,” said Kevin Johnson, president and CEO. “We believe this message helped inspire our healthy growth.”
Suncoast is the tenth-largest credit union in the United States by assets, and at 839,000 members is the nation's eighth-largest when ranked by that metric. It claims to be the largest financial institution headquartered in Tampa and the largest credit union in Florida.
Chartered in 1934 as Hillsborough County Teachers Credit Union, today membership is open to those who live, work and worship in 21 Florida counties.
