Second Consecutive Record Year
DOUBLE-DIGIT GROWTH & NEW RECORDS SET AT COMMUNITY FIRST
Assets up 15.8%, to $150.6 million
Deposits up 15.9%, to $135.4 million
Loan Production up 71.2%, to $81.3 million
Checking up 19.4%, to 6,314 net accounts
Membership up 18.9%, to 15,627 members
Santa Rosa, Calif. –– 29 January 2013 – Community First Credit Union, a 52-year-old financial cooperative in Sonoma County, smashed all of its previous records in 2012. New highs were set for assets, deposits, loans, checking accounts and members –– each recording double-digit growth for the year.
“We continue to be the recipient of a renewed focus by consumers to place their deposits locally so that their money helps the economy where they live, as well as consumers placing greater importance on getting the best value for their money,” said Todd Sheffield, President and CEO of Community First.
For the year, assets rose 15.82% to a record $150.63 million. Deposits were up 15.97% to a record $135.38 million. Net checking accounts rose by 19.38% and membership was up 18.91% to a record 15,627 North Bay residents. All of the aforementioned categories –– assets, deposits, checking, and membership –– also notched double-digit gains in 2011.
As good as the growth was on the deposit side of the ledger for Community First, it pales in comparison to the loan production numbers. Local real estate lending was up 94.78% to $60,219,049. Auto loans increased by 27.94% to $20,723,905. Overall, loan production increased 71.24% from the year before. “When the Great Recession hit, a lot of big banks ceased or severely limited their lending to local residents. We didn’t, and continued to work with local auto dealers and the local real estate community to keep transactions happening. What we sowed then has continued to materialize in ongoing trust and transactions,” added Sheffield. Since its inception, Community First has provided $776,192,759 in loans to local residents.
Net revenue, while not a record, was the second-best in the cooperative’s 52 years: $1,303,471.
Other impressive increases were realized in: active debit card use, +31.7%, and mobile banking use, +367.3%.
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