Redwood Credit Union and Cal State Central Credit Union to merge
Sonoma and Glen Ellen offices will remain open
Redwood Credit Union (RCU) and Cal State Central Credit Union (CSCCU) recently announced plans to merge on April 1, with RCU being the surviving organization. The merger has been approved by the Boards of Directors for both organizations, as well as by industry regulators, the National Credit Union Administration and the Department of Financial Institutions. The joining of the two credit unions will result in RCU serving nearly 200,000 Members in the North Bay and San Francisco, with assets exceeding $1.8 billion.
“CSCCU has served the financial needs of state employees and our community for nearly 75 years. In this environment, it’s been challenging to achieve the financial position and growth needed to provide the products, services and locations our Members want and need. Our partnership with RCU will allow us to fulfill our mission and provide the added benefits our Members deserve,” stated Jim Larson, CSCCU’s CEO.
The merger will be transparent to CSCCU’s nearly 16,500 Members until their accounts transition to RCU on June 1, 2011. CSCCU currently offers four North Bay branches including a branch and corporate offices on Dutton Avenue in Santa Rosa, and branch sites in Sonoma, Glen Ellen and Rohnert Park. Members and employees have been notified of the impending merger, and most CSCCU employees have been offered employment with RCU. Following the merger, RCU plans to retain branch services in each city where CSCCU currently has branches (Sonoma, Glen Ellen, Rohnert Park and Santa Rosa).
“Redwood Credit Union was identified as the ideal merger partner because they share our focus on quality Member service, they have a long and proven history of financial stability and growth, they are committed to giving back to our communities, and they offer multiple locations in the North Bay and San Francisco to serve our Members,” Larson said. Today RCU is 68th largest of 7,800 Credit Unions nationwide, and is the 12th largest in California.
Upon completion of the merger, CSCCU’s membership will enjoy enhanced account access via RCU’s 15 branch and ATM locations in the North Bay and San Francisco, expanded branch and telephone center service hours, fee-free access to 28,000 nationwide network ATMs, and a host of free online services. Their Members will also enjoy new services—including first mortgage loans, small business services, investment products, insurance and auto purchasing services.
“RCU looks forward to serving the Members from CSCCU and working with our new employees. Our industry’s philosophy is ‘people helping people,’ and this joining exemplifies that concept,” said Brett Martinez, RCU’s President & CEO.
Redwood Credit Union is a full-service financial institution serving the North Bay and San Francisco since 1950. Anyone living or working in the North Bay or San Francisco can bank with RCU. For more information, call (707) 545-4000, 1 (800) 479-7928 or visit www.redwoodcu.org.