Redwood Takes Cal State
The $1.7 billion Redwood Credit Union of Santa Rosa, Calif. marking its first merger in three years, is expanding its local footprint by taking over the ailing, $90 million Cal State Central CU effective April 1.
Brett Martinez, president/CEO of Redwood, said Cal State, with 16,000 and four branches, had approached his CU at the beginning of the year about consolidation "and we thought it would be a strategic fit."
Martinez said while the northern California economy has hit bottom with signs of recovery, his CU continues to field numerous inquiries from interested suitors, but we would only entertain one "if we felt there was a match."
On another topic, Martinez, a member of the league’s corporate realignment task force, acknowledged industry disappointment in the NCUA rejection of a merger of Western Bridge Corp and Members United Bridge.