Redwood Credit Union Celebrates 70 Years of Service
January 15, 2020
Then and Now
RCU’s first branch on Administration Drive, opened 1967.
RCU now employs 700 people (and growing) across eight counties.
Santa Rosa, Calif. – Redwood Credit Union (RCU) is proud to announce its celebration of 70 years of service to members. Originally formed by seven County of Sonoma employees as an affordable means to make bridge loans to fellow employees between paychecks, the credit union has grown to offer full service personal and business banking, as well as financial services beyond banking such as financial planning, insurance, and even an auto sales center.
Founded in 1950 as Sonoma County Employees Credit Union, in 1982, that entity merged with Santa Rosa Public Employees Credit Union and was renamed Redwood Credit Union to reflect its growing presence in the Redwood Empire. In 1997, RCU expanded its field of membership to serve anyone living or working in the five North Bay counties of Sonoma, Marin, Mendocino, Lake, and Napa. And in 2000, RCU received approval to serve residents and businesses in the three additional counties of San Francisco, Solano, and Contra Costa.
The credit union now has 19 locations throughout the North Bay and San Francisco, and is the 43rd largest credit union in the U.S. and 8th largest in California. RCU has been named one of the top five healthiest credit unions in the nation for six consecutive years by Glatt Consulting, an independent firm that measures credit union health against 17 metrics of strength and growth.
“Though we’ve grown and added many services and locations over the past 70 years, helping people has always been at the heart of what we do,” said Brett Martinez, RCU President & CEO. “We’re thankful for our 353,000 members, and through their loyalty and participation—as well as the dedication of our 700 employees—we have a solid foundation to continue providing affordable financial services and support to our communities for many more decades to come.”
About Redwood Credit Union
Founded in 1950, Redwood Credit Union is a full-service financial institution providing personal and business banking in the North Bay and San Francisco. RCU’s services include checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, commercial and SBA lending, and more. Wealth management and investment services are available through CUSO Financial Services L.P., and insurance and auto-purchasing services are also available through RCU Services Group, a wholly owned subsidiary of RCU. RCU has over $4.9 billion in assets and serves more than 353,000 members with full-service branches from San Francisco to Ukiah, plus free ATM access nationwide. For more information, call 1 (800) 479-7928, visit redwoodcu.org, or follow RCU on Facebook, Instagram, and Twitter for news and updates.
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.
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