Redwood Credit Union (RCU) has been chosen “Best Credit Union” by NorthBay biz readers every year since 2006, holding the top spot through good financial times and bad. While much has been made of the recent surge in credit union membership nationwide, RCU has been earning the trust of local members for decades.
“Being honored for the last seven years has been extremely valuable to us internally,” says Anne Benjamin, executive vice president and chief operating officer of RCU. “We can see that the community supports us in our endeavors, and it’s given us the creativity and desire to do more.”
With more than 215,000 members in eight Northern California counties and assets in excess of $2 billion, RCU certainly has a strong local following. Not only did membership increase by nearly 17 percent in 2011, new members are still arriving and current members are transferring non-RCU accounts over at a significantly higher rate. “We’ve been told by many of those making the switch that this wasn’t a move against large banks so much as a move toward a local, trusted financial partner,” says Benjamin.
RCU’s business model is certainly one of the things that make it stand out. “Rather than returning profits to stockholders, our earnings go back to our members to provide greater value through lower rates and fees, higher rates of deposit and expanded services,” explains Benjamin. Those services include banking, insurance, investments and loans for consumers and small businesses.
Another is its commitment to financial education for members. In addition to the information available online, RCU hosts free educational seminars in its branches on topics such as home buying, investing and preventing identity theft. It holds a free Teen Financial Literacy Academy twice a year, where high school juniors and seniors can learn valuable money management skills.
Last year, it held a contest called “Amazing Savers,” in which the community followed five families as they were coached toward their financial goals, picking up tips and inspiration along the way. “With ‘Amazing Savers’ and all our financial education programs, we’re trying to share the message that we can help people in our communities with financial wellness,” says Benjamin.
In addition to the opening of its 18th branch (in Sebastopol) last November, RCU is excited to be offering a host of technological improvements to members in the coming year. Its entire fleet of ATMs has been replaced with new deposit-capture models that scan checks automatically. This summer, RCU plans to have a newly designed website available, and customers will be able to access their accounts through mobile devices such as smartphones and tablets.
Benjamin says the thing she’s perhaps most proud of is that, during the economic downturn, RCU continued to make loans to members and businesses, and offer them the support and education they needed. “We’ve helped thousands of members stay in their homes, keep their cars and avoid bankruptcy,” says Benjamin. “We’ve helped members who are struggling—and that’s really what a credit union is all about.”
