Jan. 31, 2011
GoLocal member Community First Credit Union, a 12,000-Member financial cooperative chartered to serve residents in Sonoma County, had the best year in its 50-year history in 2010. The credit union, which has six offices in Sonoma County, recorded its highest net revenue and most checking accounts ever. Moreover, its mortgage lending was at the highest volume since 2003.
Net revenues of $1,446,901 in 2010 were up by nine-fold over the $155,846 in 2009. “As a not-for-profit financial institution our revenues are rolled back into the cooperative, which helped to increase our capital ratio to a healthy 8.76% at year’s end,” said Todd Sheffield, President and CEO of Community First.
Checking accounts grew by nearly seven percent (6.72%) in 2010. The new Sebastopol office, which opened in November, accounted for half of the company’s checking account growth in the final two months of 2010. “Typically just under 40% of our Members also have a checking account with us. In Sebastopol, where we are the only credit union in the local market area, nearly 70% of Members also signed up for checking,” explained Sheffield.
The Sonoma County-based credit union also loaned $53,195,863 to local residents, mostly for vehicle and home purchases. Vehicle lending increased 43% –– $18,090,628 in 2010 compared with $12,615,540 the prior year. Mortgage lending (including first mortgages, seconds and HELOCs) increased 34% –– $33,913,133 in 2010 compared with $25,254,699 the previous year. “We are particularly proud of our mortgage lending, in that while the vehicle market showed signs of recovery last year, the housing market remained pancake-flat,” said Sheffield.
Another area of rapid growth was the 71.25% rise in Members opting for e-Statements and foregoing monthly paper statements. “We are lucky to do business in a county where so many people understand the environmental benefits of cutting the paper clutter,” commented Sheffield.
Community First has provided banking services to Sonoma County residents for 50 years. It has two full service branches in central and west Santa Rosa, “smart offices” in Sebastopol and Guerneville, and loan offices in Healdsburg and Santa Rosa. It was founded by Sonoma County teachers in 1961, but converted to a “Community Charter” in 1999 that allows any resident or student in Sonoma County to be a Member.
Contact: David Williams, Corporate Communications
707/543-2623 (direct line), email@example.com
1105 N. Dutton Ave., Santa Rosa, CA 95401