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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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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.
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This bill, Aguiar-Curry’s first, makes the Direct Marketing Program operated by the California Department of Food and Agriculture permanent.
The program empowers our state’s farmers to sell their produce and products directly to customers at Certified Farmers’ Markets without being required to follow the same packing and labeling requirements as products in grocery stores.
CDFA’s Direct Marketing Program was first signed into law by Governor Brown in 1977. The continued success of this program for forty years proves how integral California’s certified farmers’ markets and direct marketing economy have been to the state’s agricultural community, since long before the “farm-to- fork” movement was popular.
According to Aguiar-Curry, “In Assembly District 4, Yolo, Napa, Lake, Sonoma, Solano, and Colusa Counties all have a strong agricultural culture and robust network of community farmers’ markets. People from the area gather together at these markets each week to connect with one another, and with the farmers and agricultural products produced in the region.”
The CDFA’s Direct Marketing Program fosters consumer confidence in agricultural products purchased at certified farmers’ markets, community supported agriculture organizations, and local farm stands.
Without the oversight provided through this program, agricultural products could be bought from other farms, out of the state, or wholesale at stores, and then sold at a premium price under the guise of being “locally-grown.”
With approximately 700 Certified Farmers’ Markets and 2,200 certified producers in California, this consumer protection is critical.
“I am honored to play a role in making this important agricultural program permanent, so that we empower our California growers may continue to market and sell directly to their local communities,” said Aguiar-Curry. “The Direct Marketing Program ensures that anyone in our state can purchase locally grown foods from Certified Farmers’ Markets and farm stands with confidence in the products they are buying.”
This is the first of Aguiar-Curry’s bills to be presented to the governor, and the first to be signed. Aguiar-Curry is hoping to keep up this momentum as the 2016-17 Legislative Session heads into its final few weeks.
Aguiar-Curry represents the Fourth Assembly District, which includes all of Lake and Napa Counties, parts of Colusa, Solano and Sonoma counties, and all of Yolo County except West Sacramento.
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The California coast attracts more than 150 million visitors every year and the Golden State’s coastal economy is worth $40 billion and nearly a half million jobs are dependent on a healthy coast.
President Trump has introduced an executive order that would turn back the five-year moratorium that President Obama approved in the final days of his presidency that banned all offshore oil and gas drilling off the shores of California, Oregon and Washington.
North Coast Sen. Mike McGuire is leading the fight to forever protect California’s coast from offshore oil drilling and has introduced Senate Resolution 51, which will be voted on by the State Senate Thursday.
This important resolution will put the State Senate on record, firmly against the president’s plans to reopen the Pacific Coast to new oil and gas leasing.
This resolution comes as the federal comment period on the proposal is set to close on Aug. 17, 2017.
“This is an unprecedented and unconscionable action from President Trump, and goes against the opinion of the vast majority of Californians who adamantly oppose any new oil drilling off our coast,” Sen. McGuire said. “Trump’s claim that this will lead to ‘millions and millions of jobs’ is typically specious and patently false. California’s coastal economy is worth over $40 billion and the President is making stuff up as he goes and we will fight any action that puts our coast and economy at risk.”
President Trump’s proposed 5-year National Offshore Oil and Gas Leasing Program represents a renewed call for opening offshore areas for drilling, despite decades of work to protect California’s coast from the impacts of drilling.
The lifting of the moratorium on oil and gas production in federal waters could lead to more oil spills, increased dependence on fossil fuel, and more damaging impacts from climate change.
“Opening offshore oil drilling is a threat to the nation’s economy, our state’s future and California’s ambitious renewable energy goals,” Sen. McGuire said. “We will fight this in every way possible – from the Senate floor to the courts. The president’s claims that state legislatures are expressing interest for more oil and gas leasing is total malarkey. Let me be clear: The state of California will oppose any modifications to the current ban.”
Senator McGuire is joined by Senator Hannah Beth Jackson as the primary co-author and Pro Tem Kevin De León, Senators Ben Allen, Toni Atkins, Bill Dodd, Steve Glazer, Bob Hertzberg, Bill Monning, Bob Wieckowski, and Scott Wiener as co-authors.
McGuire’s district includes Lake County.