Marking its first merger in three years, the $1.7 billion Redwood Credit Union of Santa Rosa, Calif. is expanding its local footprint by taking over the ailing $90 million Cal State Central CU effective April 1.
"This is a credit union that came to us at the beginning of the year inquiring about a merger and we thought it would be a strategic fit but we're not out there looking for credit unions to merge," stressed Brett Martinez, president/CEO of Redwood.
Cal State, with four branches and also with headquarters in Santa Rosa, has suffered two straight years of losses-$2.1 million in 2010 and $1.3 million in 2009. Its December call report showed 3.65% net worth.
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