Business News
NORTH COAST, Calif. – Not-for-profit financial cooperatives Mendo Lake Credit Union and Community First Credit Union completed their merger on July 1.
The newly combined credit union boasts – through June 30 – a loan portfolio of $312.5 million, deposits of $414.2 million, and assets of $457.7 million.
The ongoing name will be Community First.
There are 10 branch offices spread among Lake, Mendocino, Napa and Sonoma counties. The cooperative is owned by its 50,777 members, who are served by 126 employees.
Community First CEO, Todd Sheffield, will remain in his post at headquarters in Santa Rosa.
“For the members and employees of the two credit unions, this is a match made in heaven,” said Sheffield. “We took the ‘best of’ approach to loan products, services, rates and fees. If it was better at Mendo Lake, we added it. If it was better at Community First, we kept it. Members should really like what they get,” he continued.
Some of those “gets” for members of the former Mendo Lake include a new checking account that earns them money when they swipe their debit card, a 0-percent loan for local AG students, second mortgages, in-house technology for remote deposits, and deposit rates that nearly double.
For members of Community First they now get access to a suite of credit cards, manufactured home loans, checking and savings accounts for those reentering banking, and an advantageous rate bump on share certificates.
Although the merger was officially completed on July 1, members won’t see much of a difference until Monday, July 31. That’s when the core technologies of the two credit unions will be joined to offer the same full menu of products, programs and pricing.
While the merger brings immediate benefits to its members, it also makes for a stronger, more financially sustainable credit union with the wherewithal “to implement better and broader technological conveniences for our membership,” said Sheffield.
No layoffs occurred, and the credit union is currently looking to hire 10 additional employees, mostly in its mortgage lending unit.
Both credit unions were founded by local teachers: Mendo Lake in 1958; Community First in 1961. Back then it was difficult for teachers to obtain mortgage loans. Banks didn’t trust teachers to make payments during summer months when they weren’t paid. To buy homes, some teachers started credit unions.
To this day the combined credit union stays particularly involved with local schools: special loans for intern-teachers and agriculture students, special saving rates for students, financial literacy presentations, computer donations, scholarships, teacher-of-the-year prizes and more.
The newly combined credit union boasts – through June 30 – a loan portfolio of $312.5 million, deposits of $414.2 million, and assets of $457.7 million.
The ongoing name will be Community First.
There are 10 branch offices spread among Lake, Mendocino, Napa and Sonoma counties. The cooperative is owned by its 50,777 members, who are served by 126 employees.
Community First CEO, Todd Sheffield, will remain in his post at headquarters in Santa Rosa.
“For the members and employees of the two credit unions, this is a match made in heaven,” said Sheffield. “We took the ‘best of’ approach to loan products, services, rates and fees. If it was better at Mendo Lake, we added it. If it was better at Community First, we kept it. Members should really like what they get,” he continued.
Some of those “gets” for members of the former Mendo Lake include a new checking account that earns them money when they swipe their debit card, a 0-percent loan for local AG students, second mortgages, in-house technology for remote deposits, and deposit rates that nearly double.
For members of Community First they now get access to a suite of credit cards, manufactured home loans, checking and savings accounts for those reentering banking, and an advantageous rate bump on share certificates.
Although the merger was officially completed on July 1, members won’t see much of a difference until Monday, July 31. That’s when the core technologies of the two credit unions will be joined to offer the same full menu of products, programs and pricing.
While the merger brings immediate benefits to its members, it also makes for a stronger, more financially sustainable credit union with the wherewithal “to implement better and broader technological conveniences for our membership,” said Sheffield.
No layoffs occurred, and the credit union is currently looking to hire 10 additional employees, mostly in its mortgage lending unit.
Both credit unions were founded by local teachers: Mendo Lake in 1958; Community First in 1961. Back then it was difficult for teachers to obtain mortgage loans. Banks didn’t trust teachers to make payments during summer months when they weren’t paid. To buy homes, some teachers started credit unions.
To this day the combined credit union stays particularly involved with local schools: special loans for intern-teachers and agriculture students, special saving rates for students, financial literacy presentations, computer donations, scholarships, teacher-of-the-year prizes and more.
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- Written by: Editor
SACRAMENTO – California Attorney General Xavier Becerra has announced action against a proposed asset sale that could lead to higher gas prices for consumers in Northern California.
Valero Energy Corp. is attempting to acquire the petroleum terminal in Martinez from Plains All American Pipeline, a move that raises significant competitive concerns.
“I believe that this proposed acquisition would suffocate open competition in the area and raise gas prices for hardworking Californians. That’s simply unacceptable,” said Attorney General Becerra. “As the state’s chief law enforcement officer, I’m committed to ensuring that we have a thriving and competitive marketplace.”
If the transaction between Valero and Plains is allowed to proceed, all three critical Northern California petroleum terminals would be operated by refineries, Becerra said.
These refineries would have the interest and opportunity to coordinate and control access to the terminals and the flow of petroleum from them, he said.
A vertical acquisition like the one proposed by Valero and Plains could restrict competition in the market, according to Becerra. This could ultimately affect prices consumers pay at the pump.
Becerra believes that keeping terminal operations independent of refineries is the best way to protect Californians from this result.
A court hearing on Attorney General Becerra’s motion for a preliminary injunction is scheduled for mid-August.
Valero Energy Corp. is attempting to acquire the petroleum terminal in Martinez from Plains All American Pipeline, a move that raises significant competitive concerns.
“I believe that this proposed acquisition would suffocate open competition in the area and raise gas prices for hardworking Californians. That’s simply unacceptable,” said Attorney General Becerra. “As the state’s chief law enforcement officer, I’m committed to ensuring that we have a thriving and competitive marketplace.”
If the transaction between Valero and Plains is allowed to proceed, all three critical Northern California petroleum terminals would be operated by refineries, Becerra said.
These refineries would have the interest and opportunity to coordinate and control access to the terminals and the flow of petroleum from them, he said.
A vertical acquisition like the one proposed by Valero and Plains could restrict competition in the market, according to Becerra. This could ultimately affect prices consumers pay at the pump.
Becerra believes that keeping terminal operations independent of refineries is the best way to protect Californians from this result.
A court hearing on Attorney General Becerra’s motion for a preliminary injunction is scheduled for mid-August.
- Details
- Written by: Editor
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