Redwood Credit Union Posts Impressive Double DigitCredit Union Boosts Outstandings 28 Percent in 2006St. Petersburg, FL, June 18, 2007 – Redwood Credit Union, of Santa Rosa, Calif., has posted continuous double-digit growth in its credit card portfolio for the past three and a half years thanks to a focused plan that involves member promotions and an employee incentive program. The credit union achieved 23 percent growth in outstanding credit balances in 2005, 28 percent growth in 2006 and is on track to post 19 percent growth in 2007. Portfolio growth began a few years ago, when the credit union moved credit cards into the consumer lending area, managed by Darrin Logasa, the credit union’s Senior Vice President of Consumer Lending Services. Logasa spearheaded the effort to promote credit cards and make them more attractive to members. His staff and the credit union’s marketing department developed an annual plan for promotions and worked with a PSCU Financial Services representative to create offers that include low interest rates on balance transfers, a cash-back card activation campaign and “Our primary focus is on serving our members and offering them the best Visa program available. Members have responded well to our ongoing series of promotions that remind them about the advantages we offer. In order to achieve top-of-wallet status, you first have to gain top-of-mind awareness,” says Logasa. The credit union reorganized its portfolio into Classic and Platinum Visa accounts and offers PSCU Financial Services’ popular CURewards™ points on both platforms. In addition, the credit union redesigned its plastics to show colorful local North Bay landscapes, which have proven extremely popular with members. Redwood CU promotes its credit card offering in numerous marketing promotions throughout the year and also through its branches and online. They also conduct ongoing employee training and competitions. One of the employees who recently won a quarterly “Pump You Up” promotion earned $1,200 of gasoline. “Redwood CU’s experience demonstrates the wisdom of making credit cards part of the consumer lending business and investing in this vital lending product. By combining member promotions with employee incentives, Redwood Credit Union has further enhanced its returns,” said David J. Serlo, PSCU Financial Services. “We urge other credit unions to invest in their credit portfolio. Our experienced AdvisorsPlus professionals work with credit union staffs to design successful promotional campaigns that are easy to implement and to manage.” About Redwood Credit UnionFounded in 1950, Redwood Credit Union has grown to over $1.6 billion in assets and serves over 136,000 consumers and small business owners in the San Francisco/ Northern Bay area of California. The credit union’s corporate offices are in Santa Rosa, Calif., and members have access to 13 North Bay branch locations from San Francisco to Ukiah and Napa. Redwood Credit Union serves residents and businesses within eight North Bay counties, including Sonoma, Marin, Napa, Lake, Mendocino, Contra Costa, Solano and San Francisco.About PSCU Financial ServicesAs a non-profit cooperative, PSCU Financial Services supports 1,100 financial institutions and is owned by 500+ member credit unions representing over 11 million cardholder accounts. Its Contact Centers handles more than 12 million inquiries a year.PSCU Financial Services maintains its headquarters and Eastern operations center in St. Petersburg, Florida. The company is also supported by a West Coast operations center based in Phoenix, Arizona and additional call center operation in Detroit, Michigan. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As the leader in the credit union industry, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at www.pscufs.com.
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