City Fathers Rue CU Merger
RIVERSIDE, Calif. – City officials are criticizing a decision by Raincross CU to merge into the larger Visterra CU and are planning to sever their ties with the 53-year-old credit union, originally chartered to serve city workers. City council members are encouraging city employees and residents to patronize locally based credit unions as part of their ‘Shop Riverside’ campaign, meant to keep local sales tax dollars in the city. Raincross, which claims around 7,000 members and about $40 million in assets, was founded in 1954 as Riverside City Employees CU and has been losing members in recent years. Like many smaller credit unions, Raincross management saw better prospects as part of a larger credit union and chose the $400 million Visterra CU, known till last year as March Community CU, from four local suitors.