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."
"Cal state is not unlike a number of California credit unions which have struggled in recent years," said Martinez, a former chairman of the California/Nevada Credit Union League and a member of the CUNA board.
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