Institution grows deposits by 20%,
assets by 18% and commercial lending by 50%
JACKSONVILLE, Fla., March 5, 2021 - Community First Credit Union, one of the largest credit unions in Florida, released its 2020 annual financial report at its 87th annual meeting held virtually Thursday, March 4. The annual report shows strong deposit, membership and loan growth despite the economic impacts due to the pandemic. Overall, the credit union grew at the fastest rate since 2005.
- Total shares and deposits increased $297.9 million, an annualized growth rate of 20.1%. This compares to 6% growth in 2019.
- During 2020 Community First funded $525.3 million in loans, increasing loan balances 5.2% to $1.40 billion.
- Community First funded $50 million in local small business loans, an increase of more than 50% from 2019.
- Community First’s membership grew to more than 150,000 members, a 5% increase from 2019.
- Community First’s assets surpassed the $2.0 billion mark for the first time in its history.
- Community First’s Pandemic Relief program assisted more than 6,000 members with deferments and other relief on more than $125 million in loans.
In conjunction with its annual meeting and report, Community First discussed its new tagline “Just Be Yourself.” The tagline, which reinforces Community First’s culture, means the institution especially values authenticity and transparency with employee and member relationships. In addition, CEO and President John Hirabayashi gave an update on how the credit union adapted in response to the pandemic, reshaping its operations to improve how they do business in the future.
“Community First has solidified its strong market position through member-focused services and programs that are available for anyone in our region,” said John Hirabayashi, CEO and president of Community First. “While 2020 was a challenging year for our community and beyond, our credit union continues to help more members every year and our members continue to grow financially stronger together.”
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 150,000 members and with assets of $2.1 billion. Community First has 19 locations and 340 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses across the First Coast.