Community First, since 1959, has been Doing Good!
Records and Double-Digit Gains for
Assets, Loans, Deposits, and Income in 2020

For 2020, Community First Credit Union posted double-digit –– and record –– gains in assets, deposits, loan originations, loan portfolio, and income. 

More important, because we are a cooperative. We are here for the greater good of our Members. What were we able to do for our 60,000 Members? 

Record low interest rates resulted in record monthly savings for mortgage and consumer-loan borrowers. Through mortgage refinances alone, Members saved $495 a month in ongoing payments. An additional $52,000 a month in common fees were waived, such as rush payments over the phone, providing another financial lifeline to many Members. 

“The pandemic put us to the test; the credit union and its Members,” said Todd Sheffield, CEO of Community First. “Our first order of business was to defer monthly payments for 4,652 consumer loans so that Members could assess the economic damage posed by the shelter-in-place orders. Additionally, despite a near zero-interest-rate environment on the deposit side, we kept rates relatively high so that Members could continue to earn more,” he added. 

It also helped that three technology initiatives, in development months before the pandemic, all came to fruition and implementation in the early days of the pandemic. 

“In March we were the first locally based financial institution to incorporate a 24/7 ‘virtual banker’ to our online and mobile platforms. This made it easier to bank without having to come to a branch.” said Sheffield. In May, Community First was also the first local bank or credit union to introduce a contactless debit card, which was perfect timing to protect consumers from unnecessary touches with surfaces. Lastly, in June, Community First introduced a complete mirror of its English-language website in Spanish, a first among local financial institutions.
Apply for our Arlene Colombini Scholarship TODAY! 
Community First’s scholarship program is part of a large effort to aid and support education in Mendocino and Lake counties. The Arlene Colombini Scholarship is now available to graduating high school seniors and community college students. 

CFCU will award four $1,000 scholarships. 

Students must have a 3.0 minimum GPA and be enrolled in a college or university with 12 units or more. Students are chosen based on a criterion, along with a personal statement that describes their need for this scholarship and their goals in life. 

The scholarship is named for Arlene Colombini in recognition of her 60-plus years of service to CFCU. Arlene continues on as Community First’s longest-serving volunteer and Board Member. 

Additionally, Community First supports education in our five-county-footprint through our “Teacher of the Year and Finalist” awards, as well as the “Teacher of the Month” award in Sonoma County. 

Scholarship deadline is April 9, 2021. 

To download the application and for more details click here.

For any questions, contact Jennifer – jwright@comfirstcu.org  
An IRA is a Marathon. Take the first step. 
An Individual Retirement Account is a great way to save. Each dollar you save, is a step towards easy retirement. 

Whether you’re planning on growing your career for a few more decades or you’re nearing retirement, an IRA can earn you tax benefits as well as give your savings a boost. 

Already have a retirement plan with your employer? No problem, opening an IRA can add extra financial security. You can also roll over a previous employer’s plan into a Community First IRA. 

If you have an IRA somewhere else, why not open a second one, LOCALLY? 

Community First offers both Traditional and ROTH IRAs and you can start with as little as $100! 

Take the first step and learn more about IRAs by visiting any of our local branches, or by visiting comfirstcu.org/accounts/savings.
The “Girl Effect” Scholarship for Sonoma County Girls 
One girl can make a difference, and Community First wants to help four Sonoma County high school senior girls embark on their entrepreneurial education. 

Do you know an entrepreneurial girl with a great idea, project or community program making an impact in Sonoma County? Whether it's in the arts, STEM, or humanities, we want to hear from her! 

In the inaugural year of this program, Community First will award a $2,500 scholarship to four Sonoma County senior girls with an entrepreneurial spirit for the 2021-22 school year. In subsequent years, we hope to expand this opportunity to other counties.

In 500 words or less, we want to learn about the student’s passion, how their big idea was born, how they’ve harnessed their enthusiasm to make it grow and where they expect to take it, how will their community benefit and how will high education help them achieve their goals? 

If you know a young entrepreneurial woman, encourage her to apply! 

Applications open March 1st. 

Find out more about the scholarship and application details here.  
707-546-6000
PO Box 6004,
Santa Rosa, CA 95406