San Diego County CA— The concept of “consumer-owned banking” is making its mark on communities across San Diego County and California as the state’s economy continues outpacing national economic growth and local credit unions experience an influx of new members.
Credit unions in many of the state’s regions are collectively experiencing record highs in membership—a trend continuing in the fourth quarter of 2015 even as a multitude of banking options exist.
San Diego County has its own story. More than 947,900 individuals are members of credit unions headquartered in the county—an increase of nearly 52,000 over the year before, according to the most recent publicly-filed data.
This continued growth of consumers selecting credit unions as their financial institution is pushing more money into the San Diego County economy in the form of first mortgages, home equity lines of credit (HELOCs), new auto loans, used auto loans, business loans, and credit cards. It’s also expanding the opportunity for local residents to financially educate themselves and independently make informed choices as they work, attend school, and live in the community.
For San Diego County credit unions (from fourth-quarter 2014 – fourth-quarter 2015):
- Membership hit a record 947,000 individuals (increasing 8 percent)
- Deposits hit a record $14.1 billion (increasing 8 percent)—fueled by checking, savings, and money market accounts
- Loans hit a record $11 billion (increasing 2 percent)—driven by first mortgages, autos, and business lending
- More local data included below (click web links)
Out of 348 credit unions in California, 19 are headquartered in San Diego County. Local credit union leaders realize that consumers have options: a credit union they can have an ownership stake in versus a big bank, regional bank, community bank, or financial services shop (all usually investor-owned).
For more local and statewide information on the economy and credit unions, please consult:
- Current interview on state of the local economy with Dwight Johnston, chief economist for the California Credit Union League (available for local commentary at 909-215-3657 or firstname.lastname@example.org)
- San Diego County 4th Quarter 2015 Credit Union Snapshot (local economic impact report published by the California Credit Union League)
- San Diego County Economic Forecast (presented Jan. 7 by the San Diego Business Journal’s “2016 Economic Trends Special Report” forecast)
- Latest U.S. credit union trends (presented Feb. 18 by Callahan & Associates)