Here’s why Community First exceeded its 2024 growth expectations

Here’s why Community First exceeded its 2024 growth expectations (Courtesy of the Jacksonville Business Journal) — It was a year of substantial growth across the First Coast region for Community First Credit Union as it celebrated an 8% growth rate for deposits in 2024, according to an initial analysis.

The Jacksonville-based credit union says success at its Northpoint Village and Boulevard Crossing branches in particular were primary drivers of this year’s growth as each substantially outpaced their deposit goals.

“Normally, in the first year, we expected to get maybe $3 million in deposits,” said Community First CEO and President Sam Inman. “I think at North Point, it’s around $12 million. At Boulevard Crossings, it’s around $14 million.”

Part of that success comes from location selection, Inman told the Business Journal. Especially for Jacksonville’s Northside — which has been described as a “financial branch desert” — Community First’s new locations are helping to serve that need.

Five Community First branches are currently in the works, something the credit union has never had happen before, according to a spokesperson.

When credit union leadership looks to bring a new branch to an area, there are a few factors in motion.

“It really is a lot of data analytics,” Inman said. “We’re looking at opportunities where some of our members already exist and live in those markets or doing transactions in the market. Also, we looked at additional data to see where there’s both transactions overall in the market, but maybe there’s not someone filling that void.”

Commercially, the credit union inspects where new branches could serve commercial account holders on top of consumer ones and are located in areas of potential growth to both markets.

Inman said Community First’s branch strategy will expand to its digital experience as well.

“That’s going to be almost like a seesaw,” he said. “You got to work both ends of it as well. So I think we’re going to have some dramatic changes in our digital experience over the landscape of 2025.”

As the credit union looks ahead to the new year, Inman sees opportunity, especially with financial education.

“I just think there’s going to be many, many more opportunities for individuals who volunteer and need financial education,” he said. “There’ll be a lot more available resources, and I think they’ll be more interactive.”