Your Trusted Financial Partner
March 13, 2023
You may have seen recent headlines about banks that are struggling. I want to assure you that Redwood Credit Union remains financially safe, secure, and stable. In today’s challenging economy, it’s more important than ever to do business with people and companies you trust.
Here are some important facts for you to know:
- Because we are owned by our Members and exist to serve you, we remain conservative with the deposits we receive and maintain strong equity reserves and liquid investments.
- Credit union Members have never lost a single penny of insured savings at a federally insured credit union.
- RCU is structured differently than a bank; we are a not-for-profit financial cooperative, which means we are owned by our Members and operate solely to serve the best interests of our Members and communities. 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.
- We continue to receive the highest ratings for strength and financial health from Bauer Financial and Weiss Ratings, and were named by Forbes as a Best-in-State Credit Union. Additionally, our most recent opinion audit from an independent certified public accounting firm confirmed that RCU is strong, stable, and well capitalized.
Your deposits at RCU are federally insured for a minimum of $250,000 per account by the National Credit Union Share Insurance Fund (NCUSIF) through the National Credit Union Administration (NCUA). The NCUSIF is backed by the full faith and credit of the U.S. government. We can also provide you with options for additional coverage beyond the minimum.
RCU has been passionately serving our communities for more than 73 years. I assure you, we work hard every day to earn and keep your trust, and we take your financial well-being very seriously.
We continue to be a safe place to bring your deposits, and all of your other financial needs. We are here for you and your family, friends, and neighbors, as we have always been.
Thank you for choosing us as your trusted financial partner.
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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