Coast Central Assets Grow to over $1.3 Billion
COAST CENTRAL ASSETS GROW TO OVER $1.3 BILLION
Coast Central Credit Union announced its 2017 financial results at the credit union’s annual membership meeting on Thursday, February 22. Ron Rudebock, Board of Directors Chair, and John Gladding, Board Treasurer, reported that total assets had grown 8% to $1.382 billion. Additionally, total deposits increased by 7.9% to $1.164 million, total loans grew by over 10% to $617.2 million, and membership to over 67,000. Net income for the year was $12.4 million, total capital reached $149.5 million, and return on average assets was 0.93%.
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 Ron Rudebock, Bob Gearheart, and Joyce Jury. Paula Mushrush was reelected to the Supervisory Committee.
Coast Central President & CEO James T. Sessa stated, “We are very pleased about our results for 2017. They represent the hard work and dedication of an outstanding team of employees committed to the member experience as well as the trust and vote of confidence from our loyal membership. The longtime credit union motto of ‘people helping people’ remains firm as we look to 2018.”
Founded in 1950, Coast Central Credit Union is the largest member-owned financial institution on the North Coast. It operates 12 Member Services Branches and 18 ATMs throughout Humboldt, Del Norte and Trinity counties. In addition, with recent Coast Central Board of Directors approval, members now have access to 30,000 ATMs nationwide within the CO-OP Network without any fees for all transactions. Copies of the 2017 Annual Report are available at any of the credit union’s Member Services Branches and online at coastccu.org.