Coast Central Assets Grow to $1.2 Billion
Continuing the outstanding performance, Coast Central Credit Union has been able to record another year of substantial growth.
Presenting the 2016 Annual Report at the credit union’s annual membership meeting held Thursday, February 23rd, Ron Rudebock, Chairman of the credit union’s volunteer Board of Directors noted, “in 2016, our members once again reaffirmed their trust and satisfaction in their credit union.”
Membership grew to over 65,000, assets increased by 10.3% to $1.280 billion and total capital increased to end the year at $132.1 million. “The continued investment from 3000 new members…now factor to 37% of the tri-county region,” stated John Gladding, Board Treasurer. He added: “The strength and financial soundness of the credit union has been demonstrated because of the continued support of our members and our prudent financial management.”
Highlights of the 2016 fiscal year included achieving a net gain of $122.4 million in deposits, and year-end totals of $1.079 billion in deposits and $560 million in loans. Dean G. Christensen, President and CEO, points out that “because of member confidence in us, we’re able to offer the financial products and services members need at some of the most competitive rates in the market, all while maintaining a very strong and safe capital position.” He continued, “We extend our thanks to our members for placing their trust in us. We look forward to a safe and secure 2017 at Coast Central Credit Union.”
In other business, elections were held for the volunteer Board of Directors and Supervisory Committee. Re-elected to the Board of Directors for three-year terms were John Gladding, Kelly Walsh, and Robin Bailie. Karen Zimbelman was re-elected to the Supervisory Committee. Board officers for the next year are: Ron Rudebock, Chairman; Denise Jones, Vice-Chair; John Gladding, Treasurer; and Joyce Jury, Secretary.
Founded in 1950, Coast Central Credit Union is the largest member-owned financial institution on the North Coast. It operates twelve member services branches and 18 ATMs throughout Humboldt, Del Norte and Trinity counties. In addition, members have access to over 30,000 surcharge-free ATMs nationwide through the Co-Op Network. Copies of its 2016 annual report are available at any of the credit union’s member services branches and online.