Institution grows 17.3% to $2.44 billion
and loaned a record amount to local consumers and businesses
JACKSONVILLE, Fla., March 11, 2022 - Community First Credit Union, one of the largest credit unions in Florida, released its 2021 annual financial report at its 88th annual meeting held at its Downtown headquarters on Thursday, March 10. The annual report shows strong deposit, membership and loan growth as well as the financial strength of its members.
2021 Report Highlights:
- Total assets increased $337 million to a total of $2.44 billion, a record high. This represents a rapid growth rate of 17.3%.
- Community First loaned a record high $608 million to consumers, homeowners, and businesses.
- Community First funded $57 million in local small business loans, an increase of more than 14 % over 2020 and an institution record.
- Community First’s membership grew to more than 158,000 members, a 5.3% increase from 2020.
- Community First’s total loans grew by 7% to $1.5 billion.
- Community First’s commercial deposits grew by 169 million, a 51% increase.
“Community First’s members demonstrated remarkable resilience in 2021, increasing deposits to record levels,” said John Hirabayashi, CEO and president of Community First. “While the institution’s record growth is fueled in part by new members joining the credit union, the primary driver is an increase in deposits from existing members. Our members weathered the pandemic economy far better than expected.”
In addition to its financial report, Community First reviewed its annual community commitments. Its moveUP Financial Wellness program assisted more than 2,400 members and 300 teens become more financially fit. The Community First Cares Foundation, the nonprofit 501(c)3 arm of the credit union, surpassed $750,000 in grants and charitable giving to the region.
In addition, Lindy Prudencio was installed as chair of the board to succeed Elvia Williams who served as chair the last four years. Williams will continue to serve on the board as a director.
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 largest credit unions in Florida with $2.5 billion in assets and serving 160,000 members. Community First has 19 locations and 355 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.