Redwood Credit Union turns 75

When Hog Island Oyster Co. CEO John Finger was searching for a new bank last year for his business, he turned to a credit union with a long history.

He also opted for the familiar. For 30 years, Finger has kept a personal account with Redwood Credit Union, which is commemorating 75 years in business this year.

“I’ve banked with others. But I wasn’t happy with the philosophy of the big banks. I just felt like I was losing that local connection,” the CEO said.

“I’ve always believed in credit unions and what they stand for. With Redwood, I like that they’ve been a part of the fabric of this community,” he said.

Unlike banks, credit unions are member owned and controlled financial institutions focused on providing financial services to their members, not maximizing profits for shareholders. In the first quarter, the not-for-profit institution has funded 385 business loans.

Getting its start

RCU opened in 1950 as the Sonoma County Employee Credit Union with seven employees in the county building.

By 2000, the financial services hub had expanded its membership in Sonoma, Napa, Marin, Lake, Mendocino, Solano, Contra Costa and San Francisco counties.

Auto brokering, insurance services and wealth management were added a year later.

The growth led to a move in 2007 from Fourth Street in Santa Rosa (where an ATM still sits) to a new headquarters on Cleveland Avenue. That same year, the first Napa office opened on First Street.

In 2022, RCU opened a second headquarters on Devlin Road in Napa to diversify its office operations from one county to another.

Following the Tubbs Fire in 2017, California Sen. Mike McGuire called the Redwood Credit Union team “superheroes in suits” for their relief efforts benefiting the community.

“I can’t imagine a better partner than (RCU CEO) Brett Martinez and RCU during that incredibly painful chapter in the North Bay’s history,” McGuire said. “The secret to their 75 years of success is simply doing what RCU does best — taking care of our community.”

When asked about the most memorable times at the credit union since becoming president and CEO in 2004, Martinez listed disasters — both natural disasters and financial ones.

“When bad things happen, we step up,” he said. “I’m very proud of how we’ve responded to everything that’s happened.”

“But bad times are not just global events,” he said, referencing times when a credit union member might be going through the loss of a job, a divorce or a death in the family.

Almost four decades in the industry, Martinez said his mother inspired his career choice. She worked for the San Bernardino Schools Credit Union.

“I’ve got this in my blood — a passion for what the credit union stands for,” he said.

When asked what one word best describes what RCU means to the community Martinez responded, “’Hope.”

As to the future, Martinez said, “Change comes by the day or by the hour. There’s a lot in the air now. The one thing that hasn’t changed is our purpose. That’s going to be serving at the end of the day,” he said. “No matter what happens, we have a solid organization that’s built for the future. We’ve just begun.”

Redwood Credit Union has a workforce of almost 1,000 employees, 489,000 members, and manages $9.1 billion in assets across 24 branches from San Francisco to Ukiah.