Our History
Take a dive into the history of RCU.
Credit unions: for people, not profit
Credit unions are financial institutions with a long history of service and a strong commitment to the philosophy of “people helping people.” We’re focused on service, not profit, and offer the same financial products and services as banks—but at a much greater value.
We're Member-owned
As Member-owned cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates. Keep reading to learn about the history of credit unions.
RCU historic milestones
Jan. 19, 1950
Seven employees form Sonoma County Employees Credit Union (SCECU), operating from Sonoma County Auditor’s Office in Court House Square, Santa Rosa, CA.
1967
The Credit Union opens its first branch, located at 370 Administration Drive in Santa Rosa, CA.
1982
SCECU is renamed Redwood Credit Union to reflect the growing demand from our communities for affordable financial services. RCU also merged in Santa Rosa Public Employees Credit Union and installed its first Automated Teller Machine (ATM) at 370 Administration Drive in Santa Rosa, CA.
1989
RCU expands field of membership to include anyone living or working in Santa Rosa, CA.
1990
RCU reaches $100 million in assets, merges in three credit unions and adds branch locations in Santa Rosa and Ukiah.
1997
RCU expands field of membership to include anyone living or working in the counties of Sonoma, Marin, Mendocino, Lake and Napa.
2000
RCU celebrates its 50th anniversary, and serves 80,000 Members, is $500 million in assets and operates 8 full-service branches. RCU expands its field of membership to include anyone living or working in San Francisco, Solano and Contra Costa counties.
2001
RCU membership reaches 100,000.
2004
RCU’s assets reach $1 billion.
2007
RCU completes and occupies a new corporate building at 3033 Cleveland Avenue in Santa Rosa, CA, which is also recognized as a silver LEED-Certified green building.
2010
RCU celebrates 60 years of service and serves nearly 185,000 Members.
2011
The 200,000th Member joins RCU and a merger is completed with Cal State Central Credit Union. RCU's branch network expands to 18 locations throughout the North Bay and San Francisco.
2012
RCU reaches $2 billion in assets, serving over 220,000 Members.
2016
RCU opens branch in Mill Valley. RCU assets reach $3 billion.
2017
RCU's North Bay Fire Relief Fund collects and distributes more than $32M to support immediate needs of fire survivors. RCU pays all administrative costs so 100% of donations go to fire survivors.
2018
RCU purchases property in Napa to expand back office operations, strengthen disaster recovery abilities, and recruit talented team members from a broader region. RCU Insurance Services moves in.
2019
RCU opens new American Canyon branch and expands San Francisco branch in a new, larger location.
2020
RCU celebrates 70 years of service with multiple milestones including: adding a new Lower Lake branch, and breaking ground on the new Napa campus location. Merges with City of Ukiah Employees Credit Union. Named “Best Place to Work” by North Bay Business Journal for 15th consecutive year. Launches new Fire Relief Fund for annual fire season relief. Named Best-in-State Credit Union by Forbes.
2021
RCU rolls out new digital experiences including a refreshed website, new bill pay, digital cards, and a new RCU Insurance Services website. RCU’s Santa Rosa administrative office becomes Energy STAR certified.
2022
RCU Napa administrative offices and branch. Begins partnership with Remitly for international money movement and with Napa Valley Community Foundation for ADU loans.
2023
RCU opens new branch in west Petaluma, bringing total number of branch locations to 21. Named Best Small Employer by Forbes.
Become a part of history
Become a RCU Member today.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
Test
Content
Leaving Our Website
You are leaving our website and linking to an alternative website not operated by us. Redwood Credit Union does not endorse or guarantee the products, information, or recommendations provided by third-party vendors or third-party linked sites.