San Diego County Credit Union on Thursday released what it said were “notable” financial results for full year 2017.
SDCCU said its total assets rose to $8.3 billion as of Dec. 31, 2017, from $7.9 billion the year before. The credit union’s member base ended the year at 374,218, adding more than 35,000 new members and representing an increase of 10.3 percent from the previous year’s total.
The credit union said its return on assets “continues to be strong” at 1.26 percent during 2017.
More highlight numbers: SDCCU’s net-worth-to-assets ratio for 2017 was 14.53 percent, well above the 7 percent minimum capital level for credit unions regarded as “well-capitalized,” as specified by the National Credit Union Administration.
SDCCU noted its overall growth rate in membership was more than double the national average for credit unions in the U.S., which it attributed to several developments throughout the year. In 2017, SDCCU continued its Financial Wellness Wednesdays seminar series, which it said is designed to help the community make educated financial decisions.
“These notable results represent strong growth for SDCCU in 2017, which is a direct reflection of the effort our team puts into delivering exceptional member service and providing breakthrough banking products that help save our members time and money,” Teresa Halleck, SDCCU’s president and CEO, said in a statement.
“SDCCU was founded on the principle that people come first and profits second—being actively involved as a community partner represents a big part of who we are as an organization. We are proud to be making an impact in the communities where we live and work, and we will continue to be engaged and give back,” Halleck added.
Beyond just strong financial results in 2017, SDCCU also secured the naming rights for SDCCU Stadium, where the San Diego County Credit Union Holiday Bowl was hosted in December. Attended by more than 47,000 football fans, $1 from each ticket sold to SDCCU Holiday Bowl was donated, raising more than $47,000 for SDCCU Biz Kid$ program to help teach kids about money and business.
In 2017, SDCCU opened a new branch in the Scripps Ranch neighborhood of San Diego and expanded further into Orange County with the opening of its new Costa Mesa and Mission Viejo branches, bringing its total to 43 branch locations throughout Southern California.
SDCCU was voted in The San Diego Union-Tribune Readers Poll as BEST Credit Union for the 18th year in a row, BEST Auto Loan Provider for the fourth year and BEST Financial Planner and BEST Home Loan Provider for the eighth year in a row; selected as the 2017 Outstanding Philanthropic Business/Corporation by the Association of Fundraising Professionals, San Diego Chapter; recognized by the National Association for Business Resources as One of San Diego’s Best and Brightest in Wellness; received the Raddon Financial Group: Crystal Performance Award. SDCCU was also recognized as BEST Credit Union by San Diego CityBeat, Uptown News, Star News, San Diego Downtown News, Mission Times Courier and La Mesa Courier. SDCCU President and CEO Teresa Halleck was selected by the San Diego Business Journal as Most Admired CEO. Two more Guinness World Records were achieved at the SDCCU Super Shred Event, which resulted in the collection and shredding of 898,931 pounds of paper, protecting the community from the risks of identity theft and saving over 7,600 trees.