SANTA ROSA — Redwood Credit Union announced a second consecutive year of record results in 2013, notable in particular for new loan requests from individuals and businesses and fewer borrowers falling behind on their payments, according to the credit union's chief executive.
[caption id="attachment_68579" align="alignleft" width="171"] Brett Martinez[/caption]
Those trends were an extension of a turnaround that accelerated in 2012, following the credit union's increased efforts to improve the financial literacy of its members at the height of the recession.
"It really is the same story, but it's continuing," said Brett Martinez, president and CEO. "People are in a much better position. We played a role in that."
The credit union saw total assets grow 8.3 percent, to $2.28 billion, in 2013, and ended the year ranked as the 11th-largest credit union in California.
Net worth increased to 10.35 percent of assets, at $235.6 million. Loans increased by 10.2 percent, to $1.61 billion.
The number of real estate loans outstanding, including first mortgages, increased by 4.2 percent, while the more than $1 billion in real estate loans at year-end was up by 13.9 percent.
The institution made 843 business loans in 2013 -- up 6 percent -- and saw its overall business loan balance rise 11.7 percent, to over $213 million. It was the largest amount of business loan growth since the credit union began offering those services in 2006.
"Both businesses and consumers have reset their finances," Mr. Martinez said. "It's a combination of refinancing existing debt and investing in the future."