Californias Redwood CU Acquires Troubled Cal State Central CU
SANTA ROSA, Calif. – Redwood CU announced this afternoon it has completed a deal for nearby Cal State Central CU, eliminating another ailing California credit union.
The $1 billion Redwood said it will continue to operate three branches and close another of the one-time $110 million Cal State Central, which was formerly known as Cal State CU of the North Bay. Cal St. Central reported net worth of just 4.5% at March 31 and assets of $92 million.
Redwood, which operates 18 branches in the Bay area, reported net income of $3.3 million for its first quarter and had net worth of 8.1%.