This year marks the third in a row that Redwood Credit Union (RCU) has been named Best Credit Union by NorthBay biz readers, a distinction President/CEO Brett Martinez attributes to service, value, and trust. “Our commitment to serve the best interests of our members, employees and communities is something we’re truly passionate about,” he says.
RCU offers virtually the same products and services as banks, explains Martinez, but as a nonprofit financial cooperative, earnings realized are returned to members in the form of higher savings yields, lower loan rates, offset fees and expanded services, such as additional branches, ATMs and other products.
At credit unions, one doesn’t simply open an account; instead, one applies for a membership—but it’s just as easy as opening a savings account, says Martinez. So what’s the difference? RCU members are actually co-owners, so they have a say in electing board members and making decisions. Additional membership perks include free financial education—available in both English and Spanish—and insurance assistance (plus there are extra bonuses like theme park discounts and promotional sweepstakes). The most immediate reward of membership, however, is the value of the banking services received. “We’re here to serve our members, not profit from them,” says Martinez.
Martinez believes RCU’s positive company culture, dedicated employees and a companywide commitment to invest in the North Bay community have helped earn members’ trust. “Redwood Credit Union is committed to giving back to our communities…by providing affordable financial services and through volunteerism, leadership on nonprofit boards and by providing financial support to nonprofits and other community groups,” he says.
Additional evidence of RCU’s commitment to the community can be found in its Santa Rosa administrative offices. Prior to RCU taking up residency in January 2007, the building was completely remodeled to conform to environmentally responsible standards and recently received LEED (Leadership in Energy and Environmental Design) certification. And RCU’s dedication to the green movement continues: “Moving forward, we’re launching a green center on our website to educate members and our communities about ways RCU can help with ‘green’ and sustainability efforts,” explains Martinez. “We’ll also continue to pursue green solutions with each of our new branch sites.”
In business almost 60 years, RCU today has nearly 140,000 members and 14 branch offices in the North Bay and Bay Area (the newest branch recently opened in Cloverdale). A merger with California Preferred Credit Union, scheduled to be complete in June, will result in a second San Francisco branch for a total of 15 branches—and many new members.
Though Martinez has referred to credit unions as a “best kept secret,” it’s clear the secret is out when it comes to RCU. Martinez says the third-time win “indicates that our commitment is being recognized by the people we serve, and they feel we’re truly making a difference. It’s very rewarding.”
Anyone who lives, works or owns a small business in the North Bay can join Redwood Credit Union and start taking advantage of membership benefits right away. In today’s challenging economic climate, RCU offers a trustworthy banking alternative, Martinez says. “We’re proud to serve the North Bay with affordable financial services, and we look forward to continuing to do so long into the future."
