SANTA ROSA, Calif. -- Redwood Credit Union and California Preferred Credit Union have announced plans to merge on June 1, 2008.
RCU will be the surviving credit union upon the joining of the two organizations. The Department of Financial Institutions has given initial approval to move forward, and the merger received a positive vote and approval by CPCU members.
The joining of the two credit unions will result in RCU's second San Francisco branch location, with the credit union serving nearly 143,000 members and total assets of nearly $1.8 billion.
"The joining of our two credit unions promises to be beneficial for both organizations," said RCU President/CEO Brett Martinez. "We're pleased to provide expanded financial services to the members of California Preferred Credit Union, as well as to offer an additional branch in the heart of San Francisco's financial district."
On June 1, CPCU's branch will become the fifteenth branch in RCU's network. All current CPCU employees will be offered continued employment.
--mdigiovanni@cutimes.com
