As the Chair of your volunteer Board of Directors, I’m proud to say that Redwood Credit Union remains financially safe, secure, and stable despite the economic challenges faced globally. Our cooperative business model allowed us to continue to be a source of support for our Members, team members, and communities in all the ways you have come to expect. I encourage you to read through this report to see RCU’s many achievements over the past year.
Redwood Credit Union experienced purposeful growth over the last year, in keeping with our mission to passionately serve the best interests of our Members, team members, and communities. As we strive to find more and better ways to serve you, we’ve experienced significant increases in asset and membership size.
Not only did we achieve amazing financial results, but we were honored to be recognized with numerous awards by our local communities and the credit union industry. Across the North Bay, we were voted Best Credit Union by our most important audience—our Members. And once again, we were named by Forbes Magazine as a top ten Best-in-State credit union based on a nationwide survey of consumers about their banking relationships.
Thank you for your trust and loyalty. We’re honored to serve your financial needs every day, and we look forward to helping you succeed for many years to come.
Judy Herrerias-James Chair, Board of Directors
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AWARDS
Honored to be Recognized
The many awards given to Redwood Credit Union speak volumes about our passionate team members who work extremely hard to provide the financial services people want and need.
See the Full List
Hover, then click for more information
2022 Best-in-State Credit Union
Forbes
3rd consecutive year!
Best Place to Work in the North Bay
North Bay Business Journal
17 consecutive years!
Best Credit Union in the North Bay
NorthBay Biz
15th time winning!
Best Credit Union in Marin
Pacific Sun
6 consecutive years!
Best Credit Union in Sonoma and Napa Counties
Bohemian
10 consecutive years in both counties!
Readers' Choice Best Credit Union
Marin IJ
6 consecutive years!
Peoples' Choice Best Credit Union
Petaluma Argus-Courier
11 consecutive years!
Best Company to Do Business With in Napa
NorthBay Biz
Across all categories, RCU has won the most "Best Of" awards in the history of the program.
Peoples’ Choice Best in Two Categories
Sonoma Index Tribune
For financial institution and financial planner
Best Bank/Credit Union and Best Financial Services Firm
Napa Valley Register
2nd consecutive year!
Readers' Choice Best Credit Union
The Press Democrat
11 consecutive years!
Corporate Partner of the Year
Golden Gate Business Administration
Honored to be chosen by San Francisco Bay area's LGBTQ+ Chamber of Commerce
430,194
Members served
8th
largest credit union in California (out of 270)
41st
largest credit union in the United States (out of 4,900)
in community support to local nonprofits and organizations
annual report
Message from the President & CEO
Though we had to navigate economic fluctuations and financial uncertainty along with the rest of the world, Redwood Credit Union remained safe, secure, and stable, and 2022 was a good year for us. We learned it’s more important than ever to do business with people and companies you trust. And we kept our focus on service so we could help our Members face the challenges and frustrations of their financial lives. We think that’s the right approach, because when it comes right down to it, we’re in the people business. It’s not just about the bottom line. If we get the people part right, the bottom line falls into place naturally.
Taking care of people includes offering the technical options they want. So, we began the process of moving to a new online and mobile banking system, which will save Members time and money. We also offered enhancements to branches for those people who choose to do certain aspects of their banking in person.
We continued to offer resiliency training to help staff with their own challenges and to be there fully for the challenges our Members were facing. And all of this was evidenced in the highest-ever employee engagement score. For the 17th year running, we won Best Places to Work thanks to our own staff sharing what they love about working here—and serving you. We’re especially proud of that one.
We gave almost $4 million to our communities through grants, partnerships, and additional support. We also helped many Members get into homes, and we offered loans to help businesses sustain their operations.
I’m proud to lead an organization that transforms lives by helping people and businesses improve their financial well-being—all achieved through the impact of our everyday business: lending, auto services, insurance, wealth management, business services, fraud prevention, and financial assistance, complemented by community giving and free financial education.
Thank you for choosing Redwood Credit Union as your trusted financial partner. We’re honored to fulfill that trust in serving your financial needs, and we look forward to continuing to help you succeed.
RCU added a new shred-a-thon event in Lake County, adding to those in Mendocino, Napa, Marin, and Sonoma counties, for five events in total. We’re thrilled to help community members protect themselves from fraud and identity theft and to ease the burden on the environment.
Shred-a-Thon Highlights Include:
2,700
people served
$7,700
raised for local non-profits
100,080
lbs of documents destroyed
24,300
lbs of e-waste diverted
annual report
Message from the Audit & Enterprise Risk Committee Chair
As Chair of your Audit and Enterprise Risk Committee, now more than ever, it’s my pleasure to report that Redwood Credit Union continues to be safe, sound, and deliver strong financial performance. This success can be attributed to the tireless and vigilant work of the Credit Union's leadership, as well as the unwavering support and commitment of our Members.
To ensure accuracy, we annually engage an independent certified public accounting firm to verify Member accounts and perform an opinion audit of the Credit Union’s financial statements. I’m pleased to report, the results concluded that Redwood Credit Union continues to be a model of financial strength and stability.
Our industry regulator, the National Credit Union Administration also confirmed these findings in their 2022 audit. And Bauer Financial once again gave RCU its highest 5-star rating for financial strength.
We recognize the importance of having a safe and sound place where you can save, borrow, and conduct your financial business. And we’re dedicated to maintaining the stability and financial well-being of your Credit Union so you can have peace of mind. On behalf of your Audit & Enterprise Risk Committee, it’s an honor to serve you.
Rob Eyler Audit & Enterprise Risk Committee Chair
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Board of directors
Judy Herrerias-James
Board Chair, Volunteer since 2013
Rob Eyler
Board Vice Chair, Volunteer since 2009
Jim Olmsted
Board Secretary, Volunteer since 1993
Lisa Wittke Schaffner
Board Member, Volunteer since 2012
Debra Watts
Board Member, Volunteer since 1976
M. Christina Rivera
Board Member, Volunteer since 2014
David Gouin
Board Member, Volunteer since 2008
Jeri Hansen
Board Member, Volunteer since 2020
Rod Dole
Board Member, Volunteer since 1978
Gerardo Martin
Associate Board Member, Volunteer since 2022
Greg McGuirk
Emeritus Board Member, Volunteer since 1980
Audit & ENterprise Risk Committee
Rob Eyler
Committee Chair, Volunteer since 2009
Jim Olmsted
Committee Secretary, Volunteer since 1993
David Gouin
Committee Member, Volunteer since 2008
Dave Imoto
Committee Member, Volunteer since 1989
Gerardo Martin
Committee Member, Volunteer since 2022
RCU Services Group Board of DIrectors
Gina Carter
Board Chair, Volunteer since 2015
Judy Herrerias-James
Board Vice Chair, Volunteer since 2013
Jim Olmsted
Board Secretary, Volunteer since 1993
Debra Watts
Board Member, Volunteer since 1976
Brett Martinez
Board Member, Serving Members since 2002
14,856
Business Members served
33,678,966
mobile logins
10,034
Members served through online chat
2022 Financials
Redwood Credit Union continues to deliver strong financial performance and remains a safe and sound place where Members can save, borrow, and conduct their financial business.
ASSETS
DEPOSITS
equity
loans
financials
2022 Financial Statement
December 31, 2022
Consolidated Statement of Financial Condition (unaudited)
Assets
December 31, 2022
Loans to Members, Net of Allowance for Loan Losses
$5,654,318,199
Cash and Investments
1,582,941,594
Property and Equipment
128,695,703
Accrued Interest Receivable
22,886,959
National Credit Union Share Insurance Fund Deposit
61,588,382
Other Assets
79,438,723
TOTAL ASSETS
$7,529,869,560
Liabilities
Members' Shares
$6,555,772,819
Accrued Expenses and Other Liabilities
82,269,103
TOTAL LIABILITIES
$6,638,041,922
Members' Equity
Realized Earnings
$908,694,746
Unrealized Gain (Loss) on Available-for-Sale Investments
(16,867,108)
TOTAL MEMBERS' EQUITY
891,827,638
TOTAL LIABILITIES AND MEMBERS' EQUITY
$7,529,869,560
Consolidated Statement of Operations (unaudited)
Interest Income
Interest on Loans to Members
$204,493,194
Interest on Investment and Cash Equivalents
36,817,336
TOTAL INTEREST INCOME
$241,310,530
Cost of Funds
Dividends on Members' Shares
$18,985,108
Interest on Borrowed Funds
3,704,676
TOTAL COST OF FUNDS
$22,689,784
Net Interest Income
$218,620,746
Provision for Loan Losses
20,762,170
Net Interest Income after Provision for Loan Losses
Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Insurance products are not deposits of Redwood Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Redwood Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Redwood Credit Union need not be purchased from Redwood Credit Union and may be purchased from an agent or an insurance company of the member's choice. RCU Insurance Services is a wholly owned subsidiary of Redwood Credit Union. Business conducted with RCU Insurance Services is separate and distinct from any business conducted with Redwood Credit Union. License no.0D91054. NPN no. 7612227.
Auto purchasing services provided by RCU Auto Services, RCU's wholly owned subsidiary.
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