Members Vote to Sever Ties With City Sponsors

RIVERSIDE, Calif. – Members of Raincross CU overwhelmingly voted last week to merge into nearby Visterra CU, even as city fathers threatened to end their ties with the credit union, originally sponsored to serve city employees. A handful of members turned out for a special meeting last Thursday where the $40 million credit union’s 476-57 vote to merge into the $440 million Visterra CU, formerly March Community CU, was ratified. In approving the merger, Raincress members rebuffed overtures from the Riverside City Council, which has been encouraging city employees and residents to patronize locally based businesses as part of their ‘Shop Riverside’ campaign. The council, which had encouraged city employees to join the 53-year-old local credit union, passed a resolution on Jan. 9 encouraging city residents and employees to use only Riverside-based credit unions. City council members had urged the credit union to combine instead with one of the city-based credit unions, including Altura CU, one of three other credit unions that considered merging with Raincross. Founded in 1954 as Riversde City Employees CU, Raincross, has just one office and has been losing members in recent years. The combination with Visterra CU, based in nearby Moreno Valley, will give members access to four branches and more services.