75 years and growing
December 31, 2024
I’m excited to share that 2025 marks RCU’s 75th anniversary! With the loyalty and participation of our valued Members like you, we’ve been honored to provide affordable financial services and support to our communities for three-quarters of a century, and we will continue to do so for decades to come. As we celebrate this exciting milestone, it’s also an opportunity to reflect on what makes RCU special.
RCU is strong, secure, and built for the future. As a not-for-profit cooperative, we are 100% owned by our Members and operate solely to elevate the financial well-being of our Members and communities, one person at a time. Unlike banks, we are not subject to pressures from investors or stockholders to grow large profits or to concentrate on any one industry or segment, which makes us resilient against economic uncertainty and change. Additionally, commitment to our community is a key part of our mission, and your support makes it possible for us to continue to enhance and expand the resources we provide to help our communities. Thank you for your partnership in helping to deepen our collective impact.
From our humble beginnings with seven founding Members in 1950, we’ve grown to serve nearly half a million Members throughout the North Bay, San Francisco, and beyond. It may surprise you to learn that we serve Members across the U.S. and worldwide. Many are Members who no longer live in the local counties we serve, but who continue to bank with us because of our exceptional service, competitive rates, and convenient technology. And some are family of RCU Members who live elsewhere but want to enjoy the benefits of banking with us. It’s true—your immediate family members are eligible to join RCU, even if they don’t live in the North Bay or San Francisco!
As we embark on the new year, I want to take a moment to express my heartfelt gratitude to you, our valued Members. Thank you for trusting RCU with your banking and financial needs. Your ongoing trust is an important pillar of our strength and will allow us to continue passionately serving you and your family, friends, and neighbors for another 75 years and beyond. Happy New Year!
Best regards,
Brett Martinez
President & CEO
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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