Author: csfecu-main csfecu-main

A credit union is a unique type of organization. Unlike banks or other types of businesses who can serve anybody, credit unions like CSFECU are granted a charter to serve a specific field of membership—groups of people with a common bond. That bond can be anything from a specific employer(s), to a specific industry, to …

New Field of Membership

As you have heard, we were recently granted a community charter by the California Department of Business Oversight. This change allows membership to anyone who lives, works, or worships in Humboldt, Trinity, or Del Norte counties. In the past, it may have been a little confusing whether you could join CSFECU or not.

Now, it’s crystal clear. This truly is sensational news and we are delighted to offer our services to EVERYONE in these communities.

New Name

The next step is a name change to better reflect who we are. We appreciate the suggestions you, our members, submitted in response to our mailing. We hope to announce the new name in early 2018!

New Arcata Location

We are also expanding locations to become more convenient to more of our members. A new branch will open in Arcata at 1033 G Street, across from the Arcata Theatre Lounge. Work will begin soon to renovate the building with a goal to open mid-late 2018. We will keep you posted on the progress.

These are exciting changes, ones we have worked hard to accomplish over the last couple years, and changes that I’m thankful to announce for the betterment of our loyal members. For over 66 years, we have been meeting the financial needs of our members. I personally consider it a privilege serving you.

Ray F. Litchfield, Chief Executive Officer

Refer Us Today

With our new community charter, you can now spread the CSFECU love to all your friends, family, co‑workers and neighbors who live, work or worship in Humboldt, Del Norte or Trinity counties! Visit our Join Us page for complete information and to sign up with just a $5 deposit. It’ll make your brain happy. Both sides of it.

CSFECU: A 5-Star Superior Credit Union

October 12, 2017May 2, 2020

October 2017: California State & Federal Employees’ Credit Union #20, Eureka, California has earned a coveted 5-Star rating from BauerFinancial, the Nation’s Premier Bank and Credit Union Rating Firm. (A five-star rating indicates this credit union excels in areas of capital adequacy, profitability, asset quality and much more.) California State & Federal Employees’ Credit Union #20 has earned and maintained this top 5-Star rating for 30 consecutive quarters, and that deserves recognition.

“By earning Bauer’s highest 5-Star rating, California State & Federal Employees’ Credit Union #20 proves to its members and the field of prospective members that it is not only committed to their needs but also to financial discipline,” notes Karen L. Dorway, president of BauerFinancial. “As times change, so do members’ needs. Institutions like California State & Federal Employees’ Credit Union #20 excel at finding ways to meet these ever-changing needs while maintaining financial discipline and prudent underwriting.”

California State & Federal Employees’ Credit Union #20 was established in 1951, and has been providing personal service to its membership for the 66 years since. Today it operates through a conveniently located office on Wabash Avenue in Eureka and can also be found on the internet at www.csfecu20.com.

California State & Federal Employees’ Credit Union #20: “Your 5-Star Credit Union”

Member of the NCUA and an Equal Housing Lender.

BauerFinancial, Inc., Coral Gables, Florida, the nation’s leading independent bank and credit union rating and research firm, has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution can pay for or opt out of a BauerFinancial rating. Star-ratings are all available for free at bauerfinancial.com.

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BauerFinancial, Inc. P.O. Box 143520, Coral Gables, FL 33114.

Access your money nationwide…for free

June 18, 2017May 2, 2020

Did you know as a CSFECU member you have FREE access to more than 30,000 ATMs nationwide? Free. Nada. Zip. No surcharges. That’s more than the major banks! And do more than just get cash…you can make balance inquiries, transfers, and deposits!*

We have 24 locations in Humboldt county alone. Just visit co-opatm.org or download the CO-OP ATM Locator app to search for an ATM near you.

*See co-opatm.org for locations.

5-Star CSFECU Once Again a Top Performer

May 15, 2017May 2, 2020

May 2017: California State & Fed Emp #20 Credit Union, Eureka, California proudly announces it is once again a top performer, earning a coveted 5-Star rating from BauerFinancial, the Nation’s Premier Bank and Credit Union Rating Firm. (A five-star rating indicates that this institution excels in areas of capital adequacy, profitability, asset quality and much more.) California State & Fed Emp #20 Credit Union has earned this top honor for 28 consecutive quarters.

“California State & Fed Emp #20 Credit Union is a prime example of a credit union excelling at what it was created to do,” explains Karen L. Dorway, president of BauerFinancial. “Its common bond and mutual ownership give its employees and members the same personal investment in the credit union. It makes decisions locally, often for neighbors and friends; and it focuses on quality as opposed to quantity. That focus has paid off for both California State & Fed Emp #20 Credit Union and its membership.”

California State & Fed Emp #20 Credit Union, also known as CSFECU, was established in 1951 and has been providing quality banking services to its neighbors and friends ever since. Today, after 66 years, it operates through a conveniently located office on Wabash Avenue in Eureka and can also be found on the web at www.csfecu20.com.

California State & Federal Employees #20 Credit Union: “Your 5-Star Credit Union”

Member of the NCUA and an Equal Housing Lender.

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BauerFinancial, Inc. P.O. Box 143520, Coral Gables, FL 33114.

CSFECU vaults up rankings!

April 18, 2017May 2, 2020

Another year of strong results has vaulted California State & Federal Employees Credit Union 42 spots higher to 75^thplace—moving us into the top 1.3% among credit unions nationwide in rankings compiled by DepositAccounts.com, an unbiased, comprehensive financial institution ranking website. Building on an impressive showing last year, CSFECU’s performance puts us among the most elite of the 5,906 credit unions ranked this year, using criteria that takes into account financial stability, financial and membership growth and capitalization.

“This is amazing and gratifying, to improve so much by serving our members,” said CSFECU CEO Ray Litchfield. “We knew with last year’s ranking we were on the right track, and with the improvement this year it proves that our approach is working for our members. It’s a daily process of evaluating what we can do better, whether through innovative electronic services, improving our rates for savers and borrowers…or making sure we know the name of every member who walks through the door. We’re all about meeting the needs of our members, and these rock-solid results show that it’s resonating with our community.”

Each year DepositAccounts.com, the largest online publication in the U.S. dedicated to banking information for consumers, evaluates the financial health of every federally insured credit union in the U.S. Each institution is graded on a number of factors, including capitalization, deposit growth, and loan to reserve ratios, in order to determine a comprehensive health score.

From the list of 5,906 credit unions, DepositAccounts.com recognizes those who have shown exceptional fiduciary responsibility in its 2016 edition of the Top 200 Healthiest Credit Unions in America. Especially highly rated were the credit union’s Texas Ratio and Capitalization.

The Texas Ratio is an indicator of how much capital a credit union or bank has available compared to the total value of loans considered at risk. CSFECU’s Texas Ratio was calculated at 0.18%, rated as A+ and a significant improvement from last year’s then-excellent ratio.

The credit union’s Capitalization level of 13.95% also netted them an A+ score. Both FDIC and NCUA consider capitalization levels of credit unions and banks to be of high importance. Higher capitalization allows for a greater buffer to cover loans that may fail in the future.

Also of note was the credit union’s deposit growth, which showed a 3.75% increase for the year, similar growth to last year.

California State and Federal Employees Credit Union serves more than 5,300 members in Humboldt, Del Norte or Trinity counties. Membership is open to a wide range of groups, including current or retired federal or state employees, Humboldt University students, staff and alumni, current or retired members of the US Armed Forces and more. For more information, visit www.csfecu20.com.

Don’t move—improve!

April 6, 2017May 2, 2020

With the cost of real estate these days, moving can be prohibitively expensive. But does that mean you need to settle for an old kitchen, dated bathroom or too-few bedrooms?

Not at all! Rather than moving, more and more people are choosing to improve the home they currently own. And a CSFECU Home Equity Loan or Home Equity Line of Credit can help make that improvement a reality.

Our fixed term, fixed-rate Home Equity Loans have terms from 5 to 15 years, so whether the project is large or larger, you can be comfortable knowing exactly how much you’ll be paying each month in principal and interest. Perfect when you know exactly how much your project will cost.

A Home Equity Line of Credit is a versatile option, with variable rate and flexible draw amounts and timeframes, so you borrow just what you need at any given time and pay interest on only the outstanding balance.

CSFECU Home Equity Loans and Lines of Credit are priced competitively, and come with the personal service you expect from us. Call or visit us today!

Maximize your tax refund

April 6, 2017May 2, 2020

April is the month when Americans get one of two bits of news. We write a check to pay our taxes, or we get a check written to us in the form of a tax refund. If you’re one of the nearly 80% of Americans who receive a refund on your federal income taxes, congratulations! Now, what to do with the unexpected windfall?

Start or increase your emergency fund

It’s not sexy, it’s not glamorous, but an emergency fund is essential. The days of working 40 years for the same company are behind us, so an emergency fund is a vital tool to manage a job loss or to cover an unexpected medical or home expense.

Pay off high-interest debt

Maybe you didn’t have an emergency fund when you needed it…and you had to finance day-to-day living on high-interest loans or credit cards. Use your tax refund to pay down or pay off that debt. Dollars used today to pay down high-interest debt can save you thousands of dollars in the future.

Start or increase your retirement fund

Every day, you are inching closer to retirement. So, what’s your plan? If the answer is “Social Security,” or, “Not sure,” well, put your refund to work on a retirement fund. At CSFECU, Roth or Traditional IRA Certificates can be opened with as little as $100.

Save for something

Seeing a pattern here? Deferred gratification. Put some of your tax refund away for that new car, new computer, self-improvement classes…

Do something for yourself

We aren’t heartless! Yes, if all the basics are covered, take some of your refund and do something for yourself, for today.

Happy tax day!

27 Straight 5-Star Ratings for CSFECU

January 23, 2017May 2, 2020

Recognized as One of the Strongest CUs in the Nation

January 2017: BauerFinancial, the Nation’s Premier Bank and Credit Union Rating Firm congratulates California State & Fed Emp #20 Credit Union, Eureka, California for ringing-in 2017 with its highest 5-Star Superior rating. California State & Federal Employees #20 Credit Union (CSFECU) is no newcomer to Bauer’s 5-Star Rating. In fact, CSFECU has earned this top honor for 27 consecutive quarters.

BauerFinancial has been analyzing and reporting on the nation’s banks and credit unions since 1983… providing ratings you can trust. Earning a 5-Star rating from Bauer indicates that CSFECU is one of the strongest credit unions in the nation. Some of the areas in which it excels are:

Capital – much more than is required by regulators;
Loan Quality – delinquent loan levels are manageable;
Profitability – while not-for-profit, credit unions must consistently remain in the black to ensure continued success.

Karen L. Dorway, president of BauerFinancial, commends California State & Fed Emp #20 Credit Union for maintaining a strong capital position while fulfilling its commitment to solving the financial needs of its members. “California State & Fed Emp #20 Credit Union isn’t pushing products or services on you that you don’t need or want”, says Dorway. “It is there to provide a service and fill a need, which it has been able to do seamlessly while maintaining its pristine health.”

CSFECU was established in 1951 and has been providing quality services to its members ever since. Today, after 66 years, it operates through a conveniently located office on Wabash Avenue in Eureka and can be found on the web at csfecu20.com.

California State & Fed Emp #20 Credit Union: “Your 5-Star Credit Union”

Member of the NCUA and an Equal Housing Lender.

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BauerFinancial, Inc. P.O. Box 143520, Coral Gables, FL 33114.

Special Bonus Dividend: Paying back our members to thank our members!

January 6, 2017May 2, 2020

As a great-big THANK YOU for an amazing 2016—and in recognition of our excellent financial performance in 2016 and the amazing loyalty of our members—we are pleased to announce that every member received a special bonus for the last quarter of 2016.

All regular shares (savings accounts) received a special 0.25% bonus for the calendar quarter October 1 through December 31, 2016. You’ll see it in your January statement.

This is just another example of CSFECU doing our best to give back to our members. When we do well, you do well…and we all do well!

Happy 2017!

CSFECU in Top 2% Healthiest Credit Unions Nationwide

July 14, 2016May 2, 2020

California State & Federal Employees Credit Union has been recognized as one of the 200 Healthiest Credit Unions in the nation. As determined by DepositAccounts.com, California State & Federal Employees Credit Union ranks #117 out of 6,003 credit unions nationwide.

From the list of 6,003 credit unions, DepositAccounts.com recognizes those who have shown exceptional fiduciary responsibility in its 2016 edition of the Top 200 Healthiest Credit Unions in America.

Let’s take a look at the California State & Federal Employees Credit Union score components:

TEXAS RATIO: A+

The Texas Ratio is an indicator of how much capital a credit union or bank has available compared to the total value of loans considered at risk. As of March 31, 2016 California State & Federal Employees Credit Union had $111,000 in non-current (Delinquent) loans and owned real-estate with $18.5 million in equity and loan loss allowances on hand to cover it. This gives California State & Federal Employees Credit Union a Texas Ratio of 0.60%, which is Excellent! Any bank or credit union with a Texas Ratio near or greater than 100% is considered at risk.

TEXAS RATIO TREND: C+

The Texas Ratio for California State & Federal Employees Credit Union experienced no significant changes from 0.30% as of March 31, 2015 to 0.60% as of March 31, 2016, resulting in a negative change of 102.30%. This indicates that the balance sheet and financial strength for California State & Federal Employees Credit Union has had no significant changes in recent periods.

DEPOSIT GROWTH: B+

In the past year, California State & Federal Employees Credit Union has increased its total deposits by $2.52 million, resulting in 2.34% growth for the year. A strong track record of growth is an indicator of consumer confidence and the credit union or bank’s ability to strengthen its balance sheet. The growth of California State & Federal Employees Credit Union has shown is above average.

CAPITALIZATION: A+

Both FDIC and NCUA consider capitalization levels of credit unions and banks to be of high importance. Higher capitalization allows for a greater buffer to cover loans that may fail in the future. California State & Federal Employees Credit Union has $128.31 million in assets with $18.5 million in equity, resulting in a capitalization level of 14.42%, which is Excellent!