California State & Federal Employees Credit Union, headquartered in Eureka, Calif., on Thursday said it will be opening a new branch in nearby Arcata, Calif., as part of its ongoing growth strategy.
Last month, CSFECU was granted approval to expand membership to anyone who lives, works or worships in Humboldt, Del Norte or Trinity counties in Northern California. Ray Litchfield, CEO of the $138 million credit union, said opening another location is essential to the CU’s commitment to serving those within its expanded field of membership and helps it realize the opportunity to serve the local community.
“We have set some aggressive goals and, by adding another location, this will allow us to better meet the needs of our members” Litchfield said in a statement. “We want those in the local community to think of us first for their financial needs. By expanding in Arcata, we are providing additional convenience to better serve our members.”
Arcata is approximately eight miles from Eureka. The new branch will be located at 1033 G Street, across from the Arcata Theatre Lounge. CSFECU said work will begin soon to design and build an “innovative” branch that will “enhance member experiences,” which it expects to open late next year.
In 2016 CSFECU reported $765,894 in net income. Its net worth ratio as of Dec. 31, 2016, was 13.85 percent (“well capitalized”).
In its most recent call report, CSFECU said it had $830,134 in net income in the first 9 months of this year. As of Sept. 30, 2017, its net worth ratio was 13.85 percent (“well capitalized”).
California State and Federal Employees Credit Union serves more than 5,300 members in Humboldt, Del Norte or Trinity counties. It has been in service for more than 66 years.