For Second Consecutive Year, California CU Receives Ethics Award
For the second year in a row, the $3.4 billion Mission Federal Credit Union in San Diego, Calif., received the Better Business Bureau’s Torch Award for Ethics last month for companies that employ more than 500 employees.
The BBB Torch Awards recognize the commitment made by businesses and non-profit organizations to the highest standards of leadership, character, ethics, and ethical enterprising. The awards bring attention to the practices that the organizations employ to generate a high level of trust among their employees, customers and communities.
The credit union’s commitment to ethical business practices has apparently contributed to its strong growth trends over the last six years.
Mission Fed, California’s 11th largest credit union by assets, has exceeded its peer averages in the key metrics of net worth, market share, loans, assets and membership growth from 2012 to the third quarter of 2017, according to NCUA financial performance reports.
At the end of the last quarter, Mission Fed posted a net worth growth of 9.67% compared to peer average of 8.23%, market share growth (8.52% v 7.82%), loan growth (18.82% v 11.83%), asset growth (8.56% v 8.36%) and membership growth (8.85% v 5.76%).
The BBB determines an organization’s trust levels by evaluating how the leadership reinforces their organization’s ethics and values, how leaders unify their employee teams and steer their performance, and how organizations value and reinvest in their employees, customers, and community.
“As a not-for-profit financial institution, Mission Fed focuses on helping our customers achieve their goals with ethical business practices in a culture that supports people helping people,” Debra Schwartz, president/CEO of Mission Fed, said “The BBB Torch Award gives us the opportunity to share that message, and we’re very honored to accept the award on behalf of our customers, employees and community partners.”