School spirit: California behemoth continues rapid growth.
The Tustin-based SchoolsFirst FCU posted nearly $184 million in third-quarter earnings and surpassed $34 billion in assets, marking double-digit growth while opening a new branch in Burbank and solidifying its place among the nation’s top three credit unions.
Third-quarter call report data for U.S. credit unions is just beginning to trickle out, and one of the largest CUs in the nation continues to show exceptional earnings growth.
SchoolsFirst Federal Credit Union in Tustin, California, reported nearly $184 million in earnings at Sept. 30 compared to $117 million a year ago and $165 million for all of 2024.
The credit union, which serves educational communities in California, has also experienced strong growth in membership and assets of late.
SchoolsFirst reported $34.4 billion of assets as at the end of the third quarter – an 11% year-over-year increase, according to NCUA call report data.
Additionally, its membership grew by 6.3% during the last year to 1.53 million.
SchoolsFirst is the largest credit union in California and the largest serving school employees and their families. The organization also opened a new branch in the city of Burbank, extending its footprint to 71 branches in California.
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Serving the Los Angeles and greater San Fernando Valley, more than 10,000 SchoolsFirst FCU members live within seven miles of this location, the institution said in a press release.
“Each new location is thoughtfully established to enhance member access, offer greater convenience and personal service to empower our members in managing every aspect of their financial well-being,” said William De Leon, senior vice president, branch operations, SchoolsFirst FCU. “We’re not just opening a branch; we’re welcoming a community.”
Most industry observers know that Navy Federal is the largest credit union in the U.S. by assets and that North Carolina-based State Employees’ Credit Union has long been the second-largest credit union in the U.S.
But SchoolsFirst recent entry into the top three – surpassing Pentagon Federal – has in many ways flown under the radar.
“As our membership continues to grow, the opening of the Burbank branch is part of our commitment to serving our Members where they live, work and thrive.”
– William De Leon
SVP, Branch Operations
SchoolsFirst FCU
