Redwood CU To Acquire Troubled Cal State CU Of North Bay

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SANTA ROSA, Calif. – Redwood CU announced today it has agreed to absorb Cal State CU Of North Bay, an ailing one-time $110 million credit union located in the same town.
Cal State CU, which reported net worth of just 3.7% and assets of $90 million at year-end, is the second large California credit union to be merged out in recent weeks, following Oakland Municipal CU, a one-time $110 million credit union that was acquired by Western FCU.

The deal will give $1.7 billion Redwood, which reported net income of $6.1 million for 2010, four additional branches in its core market.  

SANTA ROSA, Calif. – Redwood CU announced today it has agreed to absorb Cal State CU Of North Bay, an ailing one-time $110 million credit union located in the same town.

Cal State CU, which reported a 2010 loss of $2.2 million, net worth of just 3.7% and assets of $90 million at year-end, once approved by regulators, will be the second large California credit union to be merged out in recent weeks, following Oakland Municipal CU, a one-time $110 million credit union that was acquired by Western FCU.

The deal will give $1.7 billion Redwood, which reported net income of $6.1 million for 2010, four additional branches in its core market.

 

 

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