Community First Credit Union Releases 2023 Annual Report
Institution grew total assets by 7.1% and loaned a record high to consumers
JACKSONVILLE, Fla., March 15, 2024 -Community First Credit Union, one of the largest credit unions in Florida, released its 2023 annual financial report at its 90th annual meeting at its Downtown headquarters on Thursday, March 14. The annual report shows strong annual growth in assets, record consumer loan growth and the second largest annual commercial loan growth in its history.
2023 Community First Report Highlights:
- Increased total assets by 7.1% to $2.72 billion.
- Grew total loans by 7% to 1.93 billion.
- Loaned $180 million in consumer loans, an increase of 19% and an institution record.
- Loaned $55 million to 250 local businesses. This represents the second largest annual commercial loan total in history.
- Grew membership to more than 172,800 members.
- Tripled interest payments to members at $26.5 million in 2023, compared to 8.6 million the previous year.
In 2023, Community First opened its 20th Branch, a freestanding location at the Northpoint Village shopping center at New Berlin and Yellow Bluff Roads. It also purchased properties and began construction on four new branches in 2023. New branches are in development at Murabella and Beachwalk in St. Johns and Southside Quarter near Gate Parkway in Jacksonville. Community First recently opened its 21st branch, constructed in 2023 at Boulevard Crossing.
"In 2023, we grew stronger through service to our members, our employees and our community,” said John Hirabayashi, CEO and president of Community First Credit Union. “We are growing with purpose to meet the needs of our members where they are. Community First aims to better serve members, attract new members and bring high-quality and convenient financial services to neighborhoods with unmet needs or limited access to financial institutions.”
Hirabayashi also reported on other important milestones during the year. He highlighted its large community partnerships, including the grand opening of the Community First Igloo in the summer of 2023. The institution also had a record employee retention rate of more than 86%. In 2023, Community First was named Florida’s 2022 Credit Union of the Year by the League of Southern Credit Unions for the second time in three years. It was also recognized as a 2023 “Best Places to Work” by the Jacksonville Business Journal.
Community First Credit Union of Florida, named Florida’s 2022 Credit Union of the Year by the LSCU, 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 $2.8 billion in assets and serving 173,000 members. Community First has 21 locations and more than 450 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.
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