Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Redwood CU Cal State Central CU intend to merge
SANTA ROSA, Calif. (2/23/11)--Redwood CU (RCU) and Cal State Central CU (CSCCU), both located in Santa Rosa, Calif., announced Friday they intend to merge, with RCU becoming the surviving organization. The boards of both credit unions have approved the merger, the credit unions said in a joint press release. Approval from the National Credit Union Administration and the California Department of Financial Institutions is pending. If approved by regulators, the merger would legally take effect April 1, with actual transfer of accounts on June 1. With the combined credit union, RCU would serve 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," said Jim Larson, CSCCU's CEO. "In this environment, it's been challenge 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 provided the added benefits our members deserve," he added. Brett Martinez, RCU's president/CEO, noted that "Our industry's philosophy is people helping people, and this joining exemplifies that concept." Cal State Central had $13.5 million in loan losses during the past five years, and its net worth ratio dropped to 3.65% in December 2010, down from 8.01% in 2006 (Press Democrat Feb. 19). A well-capitalized credit union has a 7% net worth ration, according to regulatory standards. CSCCU has nearly 16,500 members served by four North Bay branches and locations in Sonoma, Glen Ellen and Rohnert Park. RCU has about $1.7 billion in assets and 151,000 members in 2010, served by 15 branches. It said most CSCCU employees will be offered employment with RCU.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
19 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
19 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
20 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
20 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
23 hours ago