In the words of Janeen Murray, outgoing executive director of North Bay super booster Go Local, moving money to a local bank is “the single most important thing you can do to help the local economy.” In observation of her words and the upcoming Credit Union Day, celebrating the international movement, I reached out to Redwood Credit Union, which put me with senior vice president Matt Martin and public relations manager Tracy Condron.
And it may be time to inquire more deeply of RCU. The bank has grown rapidly in recent years, from its humble and scrappy origin as a desk drawer cash box shared between Sonoma County government employees to a towering financial giant, with $8 billion of deposits available for loan.
CH: Matt, your branding is green. That can evoke healthy growth or greenwashing. In the story we tell of the world, banks and bankers are often cast as arch villains. Why would a credit union be different?
MM: Typically, banks are for-profit and are owned by stock-owning shareholders. Whereas credit unions like RCU are not-for-profit financial cooperatives owned and controlled by their depositing members.
It’s very freeing. We can focus on the needs of our customers, team members and communities as opposed to a bank’s quarterly profit sheets and shareholder needs. So, we can offer low or no fees, great rates on deposits and lower interest rates on loans. Tracy can tell you more about our brand.
TC: We had an outside company come in to help us with brand articulation. After extensive member focus groups and studies, they came back and said, you might not believe this, but your brand is ‘Love!’ Imagine that—for a financial institution!
CH: Tracy, I understand that Matt, who oversees the RCU community fund, indirectly brought you into your current job.
TC: Yes! I love sharing my “why.” I have been at RCU almost seven years, but prior to that I lost my home in the Tubbs fire. Shortly after, I received a check from the North Bay Fire Relief Fund—a partnership between the Press Democrat, RCU Community Fund and State Sen. Mike McGuire.
The impact of what I had lost and the need—which was so great, I basically had left with a jacket and a toothbrush … it’s hard for me to say … but in that moment I decided I wanted to work for an organization that showed up for people in their darkest moments. Three months later, I was working for RCU!
For RCU annual reports and more, go to linktr.ee/RCUlinks.
