Royal Credit Union
| Credit Union | |
| ISIN | 🆔 |
| Industry | Financial services |
| Founded 📆 | April 1964 |
| Founder 👔 | |
| Headquarters 🏙️ | 200 Riverfront Terrace, , United States |
Number of locations | 27 (2022) |
Area served 🗺️ | Wisconsin & Minnesota |
Key people | Brandon Riechers (CEO/President, 2017-Present) |
| Total assets | $3.91 billion (2021) |
| Members | |
Number of employees | |
| 🌐 Website | rcu |
| 📇 Address | |
| 📞 telephone | |
Royal Credit Union (RCU) is a credit union founded in April 1964 and based in Eau Claire, Wisconsin.[1] Currently, it has over 249,000 members and is the fifth largest credit union headquartered in Wisconsin, as measured by assets, managing over US $3.91 billion.[2] RCU is regulated under the authority of the National Credit Union Administration[3] (NCUA) of the U.S. Federal government. Royal Credit Union is also notable for its nonprofit RCU Foundation, which holds fundraising events to support capital projects for the arts, education, and health in the communities Royal Credit Union serves.[4][5]
RCU has 19 full-service branches in Wisconsin and four full-service branches in Minnesota,[6] although it has members in all 50 U.S. states.[citation needed]
History
Royal Credit Union was originally created by employees of the Uniroyal Tire Company in Eau Claire, WI in April 1964.[1] Royal started with 619 credit union members and $121,000 in assets in its first year.[1]
In 1972, Royal began to add employees from other companies, with 27 new employee groups added in the next two years.[1] In 1974, Royal became a community chartered credit union, meaning that anyone who lived in Eau Claire or Chippewa County could join.[1] At the end of 1990, Royal had over $158 million in assets and 45,872 members.[1]
Growth continued in the following decades. In 2009, Royal merged with REAL Credit Union in Minnesota. In 2016, Royal acquired Capital Bank in Saint Paul, Minnesota[7] and Deerwood Bank in Apple Valley, Minnesota.[8] By 2018, Royal had 200,000 members.[9]
Today, Royal Credit Union serves communities in West Central Wisconsin and the Minneapolis-St. Paul Metro area of Minnesota.
Certifications and awards
In 2015, RCU was certified as a Community Development Financial Institution by the U.S. Department of the Treasury.[10] Royal has also been recognized by the Wisconsin Governor's Financial Literacy Award for its Test Drive Digital program, a financial literacy simulation designed to help high school students prepare for real-world budgeting and financial planning,[11] as well as its Correctional Facility Financial Education program designed to help individuals achieve financial well-being.[12]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Olson, Ross (2010-05-20). "The Credit Union Movement: A Historical Look at Nineteenth and Twentieth- Century Origins and Principles Applied to the Chippewa Valley" (PDF). Minds@UW. p. 27. Retrieved 2022-02-28.
- ↑ "Royal Credit Union". www.creditunionsonline.com. Retrieved 2021-12-26.
- ↑ "Credit Union Details". mapping.ncua.gov. Retrieved 2021-12-26.
- ↑ "RCU Foundation, Eau Claire, WI". www.causeiq.com. Retrieved 2021-08-24.
- ↑ "RCU FOUNDATION INC - GuideStar Profile". www.guidestar.org. Retrieved 2021-08-24.
- ↑ "See Our Office Locations". Royal Credit Union. Retrieved 2021-12-26.
- ↑ April 28, Peter Strozniak; AM, 2016 at 10:22. "Royal Credit Union to Purchase Capital Bank". Credit Union Times. Retrieved 2021-08-24.
- ↑ Systems, eZ. "RCU Completes Bank Branch Acquisition". CUToday. Retrieved 2021-08-24.
- ↑ "Our History - Royal Credit Union". rcu.org. Retrieved 2022-02-28.
- ↑ "Awardee Profile - Community Development Financial Institutions Fund". www.cdfifund.gov. Retrieved 2021-12-26.
- ↑ Blumenfeld, Kathy (April 15, 2021). "Gov. Evers Honors the 2020 Governor's Financial Literacy Award Recipients" (PDF). Wisconsin Department of Financial Institutions. p. 1. Retrieved December 26, 2021.
- ↑ "2021 Governor's Financial Literacy Award Recipients" (PDF). State of Wisconsin Department of Financial Institutions. p. 3. Retrieved 2022-02-28.
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