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Community First Credit Union Sees Record Growth in 2012

Increases in residential and auto loans, new accounts and deposits

 

Community First Credit Union is reporting record growth in 2012, including in assets, deposits and new accounts.

The financial cooperative, based in Santa Rosa and a is reporting double-digit growth, including a 19 percent increase in new checking accounts and nearly 16 percent increase in assets.

 “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 President and CEO Todd Sheffield.

, according to the company and deposits were $135.38 million. Meanwhile, membership was up nearly 19 percent to total 15,627 North Bay residents.

Things were even better for lending, with real estate lending seeing an increase of 95 percent to total $60.2 million. Auto loans saw a 28 percent increase.

“When the Great Recession hit, a lot of big banks ceased or severely limited their lending to local residents,” said Sheffield. “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.”

All in all, the credit union reported $1.3 million in net revenue, its second best year ever.

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