“Being a not-for-profit cooperative lets us focus on providing service and value to our members.” —Cynthia Negri
Perhaps the best measure of a financial institution is how it handles a crisis for its members. When a violent earthquake struck Napa last August, Redwood Credit Union (RCU) began offering interest-free loans of up to $5,000, within days, to help local residents pay for unexpected expenses resulting from the disaster. It’s that level of responsiveness, community engagement and business acumen that have made RCU a fixture at the top of our Best Credit Union category for 10 years in a row. “We’re honored to receive this award 10 years in a row and are grateful to our employees, volunteer board and supervisory committee for their dedication to providing exceptional service to our members,” says Cynthia Negri, executive vice president and chief operating officer. “Our mission is to serve the best interests of our members, employees and communities. Receiving this recognition affirms that the people in our communities believe we’re delivering on our mission.”
Since it was founded in 1950, RCU has grown into one the largest credit unions in the country, serving nearly a quarter of a million members in San Francisco and the North Bay. Based in Santa Rosa, it has $2.4 billion in assets and operates 17 branches.
“Being a not-for-profit cooperative lets us focus on providing service and value to our members,” Negri says. “Because we’re not in business to make profits for shareholders, we’re able to return earnings to our members through lower loan rates, fewer fees, greater convenience and a variety of services like business loans, financial planning and investments, insurance and auto sales.”
RCU took several steps in 2014 to build on its success. “We updated our Sonoma branch and moved it to a new, larger location,” Negri says. “Our new branch includes a tech center where members can use our online and mobile services, as well as more collaborative spaces for members to interact with our staff for their transactions and other financial services. We’re currently making similar improvements to our Rohnert Park branch and will be rolling these changes out to our entire branch network over the next few years.”
RCU also made a number of technology improvements last year. “We added three new ATMs and upgraded the features available across our ATM fleet to let people set language and fast-cash preferences, make loan payments and more,” Negri points out. “We also added bill pay to our mobile banking app so members can pay bills on the go, and we’re making continual improvements to our online banking program to make transactions easier and give members more control over their accounts.”
In 2015, the credit union plans to roll out EMV (Europay, Mastercard and Visa) chip cards, which provide added security for credit and debit card transactions. “With the increase in data breaches at major retail stores, we want to provide our members even more protection and security for their peace of mind,” Negri says.
RCU also was the first local institution to support Apple Pay, letting members pay their bills more securely using their iPhones at participating retailers. “We’re continually adding features to our online and mobile banking services to let members perform transactions anytime, anywhere, so they have more time to enjoy the things they love,” Negri says.
