Community First Credit Union Posts Record Year of Growth in 2013
April 04, 2014 4:15 pm EDT
Community First Credit Union, one of the largest credit unions in Florida, released its annual financial report for 2013, posting another record year for the credit union. The non-profit institution saw increases in assets, membership, loans and net capital ratio.
In 2013, the credit union reported a net capital ratio of 11.09%, the highest ratio reported in nearly 20 years. Additionally, the credit union grew its membership from 106, 000 to nearly 108,000 and increased its loans from $683 million to nearly $693 million in 2013. Total assets were reported at more than $1.2 billion, a slight increase over the fiscal year 2012.
“2013 was a year of success and building on our solid financial foundation,” said John Hirabayashi, CEO and president of Community First Credit Union. “We see real improvement in our economy, including in the areas of access to capital and business expansion. We’ve also experienced an increase in our growing investment advisory service.”
Several factors contributed to the growth of the credit union. In 2013, Community First Credit Union expanded its footprint by opening its 17th branch in Bartram Springs. Opened in the fall, the location serves the growing southern Duval and northern St. Johns counties. Community First also launched a new website, introduced mobile banking and unveiled a new suite of business services and products during the year.
“Our stellar financial position creates stability and gives us the ability to invest in our communities and grow the credit union,” said Hirabayashi.
In 2013, the credit union organized and launched the Community First Cares Foundation, the first charitable foundation lead by a credit union in North Florida. Community First Cares has already funded programs leading transformational change in our region, including Generation W, a teen girl mentoring program as well as the Jacksonville Public Education Fund’s PowerUP Jax, a crowd-funding program supporting innovation in our classrooms.
The credit union also continued to sponsor and underwrite Community First Saturdays, the Community First Hale & Hearty 7k Run, the Community First Natural Life Music Festival and events at the St. Augustine Amphitheatre. Community First is a second year supporter of One Spark and also created a special line of credit loan program for small business start-ups that have successfully graduated from the business accelerator, KYN.
Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving anyone who lives or works on the First Coast. Community First is one of the 10 largest credit unions in the state, serving more than 108,000 members and with assets of $1.3 billion. Community First has 17 locations and 300 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses throughout the First Coast.