D. Samuel Inman, President & CEO, Community First Credit Union of Florida

Invest: met with D. Samuel Inman, president & CEO of First Credit Union of Florida, to discuss strategic goals, and insights into industry trends, focusing on expanding local presence, enhancing digital services, and fostering community growth in Northeast Florida. “Our goals include expanding our membership, deposits, and loan portfolio to ensure we meet the needs of our existing members while also attracting new ones,” he said.

What was a key highlight and milestone for Community First Credit Union of Florida in the past year?

One highlight for the organization is that in 2025, we’re celebrating our 90th anniversary, and we’re close to reaching $3 billion in assets. An interesting conversation with the board recently focused on the question, “Do we want to wait another 90 years to double our growth, or should we look at accelerating it?” So, one of our goals moving forward is to determine how we can grow faster and serve our members and communities more effectively.

What trends or developments are relevant for the financial services sector?

I was born and raised in Jacksonville, so I’ve witnessed firsthand the legacy of small, local Jacksonville banks gradually disappearing. Years ago, we had community banks that really represented the local culture, such as First Guaranty Bank, but many of those vanished, especially after the Great Recession. This has left a significant void in commercial services here. Today, there’s a real need for financial services with a local presence with finance providers that truly understand the community.

In response to this, our credit union is working to build that local presence and focus on serving commercial accounts, particularly for small to medium-sized businesses. This is not only a need in Jacksonville but is happening nationwide, where many community banks are either merging or closing. Credit unions like ours are stepping in to fill this gap, especially for business accounts.

The other big trend is the impact of fintech on traditional banking. Apps like Cash App, Venmo, and Apple Card are transforming how people engage with financial services, especially among younger generations. For us, the challenge is staying relevant to members who now have numerous digital options. We’re working to adapt our services to meet the needs of current members while also appealing to future members, especially those who expect modern, digital-first services.

Which specific banking products or services do you see as key drivers for growth in the near future?

Digital banking is probably the biggest driver. We’re committed to providing a standout digital experience that complements our physical branches. Over the past few years, we’ve been expanding our branch network, adding about two or three new branches annually, especially in Northeast Florida and areas like St. Johns County, where we’ve quadrupled our branch footprint. These branches are designed to offer an engaging experience for our members, with staff who are invested in understanding and meeting each member’s unique needs.

At the same time, we’re enhancing our digital platform to ensure it’s just as personalized and intuitive as our in-branch services. So, when members need to open an account, apply for a loan, or access other services, they’ll have a seamless, engaging experience online. 

Are you looking to open more branches over the mid-to-long-term, or is the focus more on consolidating the growth that has already been achieved?

We’re considering adding more branches. A phrase I often hear is that “branches meet local needs,” and that’s especially true for our business accounts. Many of these businesses prefer to handle certain transactions in person rather than through digital channels. When we open a branch in a new area, it’s not just about expanding our footprint; it’s about raising local awareness that we’re here to serve both individual consumers and businesses.

While we continue to invest in physical branches, we’re equally focused on expanding our digital offerings. The idea is to provide an integrated experience. Once a member opens an account, they have all the digital tools they need to manage their next loan or deposit needs. We’re thinking carefully about how to create a digital platform that is as engaging and effective as our in-branch interactions.

How is Community First Credit Union of Florida leveraging technology to enhance customer experience and improve operational efficiency?

It’s a little early for me to dive into all the details, but I can share some of what we’re working on. We’re in the process of launching a Product and Service Innovation Committee, which will include over 30 team members. This committee brings together a diverse set of skills to strengthen our innovation capabilities. We’re collaborating with professionals from varied backgrounds, including a former consultant from Lego, to enhance our approach to product and pricing.

The committee’s work will help us refine both our digital and in-branch experiences. For example, when someone visits a branch, we want to ensure they have a consistent, positive experience, whether they’re an existing member or a potential new one. Similarly, we’re evaluating our digital platforms to ensure they meet current member needs and anticipate future trends. The committee will play a key role in defining the value that our members need today and what they’ll expect from us in the future.

From a banking perspective, what makes Jacksonville and Northeast Florida an attractive location for business expansion and relocation?

Jacksonville has a lot of advantages, both for residents and businesses. We have robust transportation infrastructure, including an international airport, major seaports, river, and intracoastal access, that makes the area appealing for business and tourism alike. The natural beauty here, with the ocean and waterfronts, is an additional draw. There’s also undeveloped land, which presents opportunities for further expansion.

In addition to financial services, the healthcare sector here is strong. Organizations like Mayo Clinic and Baptist Health make Jacksonville a healthcare hub, which also attracts other related industries. We’re also seeing growth in fintech and other tech sectors, contributing to Jacksonville’s reputation as an innovative, forward-looking city.

What are the main challenges facing the financial services industry?

One of the recent challenges, especially since March 2023, was the liquidity crisis, which affected both commercial banks and credit unions. Thankfully, our credit union has seen remarkable deposit growth, with an annualized rate of 8.5% as of September. This strong deposit growth reflects the success of our products and services in resonating with our members.

Interest rates could pose a challenge, especially for loan pricing. If rates remain high, loan demand may be affected. However, as interest rates begin to stabilize, we anticipate greater demand for loans, whether for mortgages, commercial needs, or auto loans. This shift could create opportunities as we balance our deposit growth with increasing loan demand. In short, while the high rates in the past year may have limited loan growth, we expect to see more activity as rates adjust.

What are the primary goals and priorities for the credit union over the next two to three years?

We’re working on reframing our strategic plan. Under our previous leadership, there was a strategic plan extending to 2028, but now we’re evolving that vision with a collective approach. We’re asking big questions about our growth trajectory, especially since it took us 90 years to reach $3 billion in assets — what should our pace look like moving forward?

Our goals include expanding our membership, deposits, and loan portfolio to ensure we meet the needs of our existing members while also attracting new ones. Additionally, we’re exploring ways to engage more deeply with our community as Jacksonville grows. For instance, we started as an educational credit union, so we’re revisiting how we can support teachers, school leaders, and the educational sector in the area.