In The News
Redwood Credit Union Marks Another Record Year
Redwood Credit Union on Wednesday announced a second consecutive year of record results in 2013.
The credit union saw total assets grow 8.3 percent, to $2.28 billion, in 2013, and ended the year ranked as the 11th-largest credit union in California.
Net worth increased to 10.35 percent of assets, at $235.6 million. Loans increased by 10.2 percent, to $1.61 billion.
“We believe we play an important role in job creation and the vitality of our local economies. We are encouraged by the continuing financial recovery of Northern California and look forward to a strong 2014,” said Brett Martinez, president and CEO, in a statement.
A reduction to the credit union’s loan loss provision expense and improvements in overall asset quality helped boost its financial performance during the year. Redwood also announced a 22 percent increase in assets under management for its investment division and growth in its business lending activity.
The institution added remote check deposit functionality to its smartphone application in May, with 105,000 remote deposits totaling 10 percent of total deposits by year-end.
The 63-year-old Redwood Credit Union had 230,000 members at year-end, up from around 224,000 at the end of 2012. The institution noted the award of a top 5-Star rating from Bauer Financial services in 2013, along with an “Excellent” rating from Weiss Ratings.
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