This week in Santa Cruz County business: Santa Cruz-based credit union expanding south

Quick Take

In this week's roundup of Santa Cruz County business news, Jessica M. Pasko reports on Bay Federal Credit Union's expansion to the south with a new branch in Monterey County. She also notes accolades for Santa Cruz County Bank's CEO and the hiring of eight new humanities professors at UC Santa Cruz.

Each week, we’re taking a closer look at the movers and shakers, the growth of industries, and what’s really driving the Santa Cruz County economy. I’ll be spotlighting some of the biggest areas for opportunity, updates on local development and all things underpinning the regional business scene, each Wednesday.

Got ideas? Send them my way to news@lookoutlocal.com with “Business News” in the subject line.

Bay Federal Credit Union expands footprint south

Bay Federal Credit Union will open a new branch next year in Marina, marking the credit union’s further expansion into Monterey County. Planned for the Promenade at the Dunes in Marina, it will be the credit union’s eighth branch. Construction is expected to begin by the end of this year, with plans to open in June. The Promenade at the Dunes is a mixed-use development that combines residential with retail spaces. The 1,750-square-foot Bay Fed branch will include a 24-hour ATM and full personal and business banking services.

Bay Federal Credit Union currently operates six branches in Santa Cruz County (in Santa Cruz, Scotts Valley, Capitola, Aptos, Freedom and Watsonville) and one in Monterey County, in Salinas. Bay Federal executives said the new Marina branch will help the credit union expand service to existing and new customers in Monterey County.

Bay Federal Credit Union began in 1957 when a group of local school teachers pooled their money together to start a credit union. It’s now the area’s largest locally owned financial institution, with $1.6 billion in assets and more than 88,000 individual members throughout Santa Cruz, Monterey and San Benito counties. The credit union also counts over 2,700 local businesses and nonprofit organizations as members.

Bay Federal Credit Union’s further expansion into Monterey County comes on the heels of another local financial institution making similar moves south. Earlier this year, Santa Cruz County Bank announced a merger with Salinas-based 1st Capital Bank. Shareholders approved the merger last month, giving it the green light to move forward; it will rebrand as West Coast Community Bank next year.

ICYMI: New labor contract with county called ‘major victory’

The local chapter of the Service Employees International Union (SEIU) reached a tentative deal with Santa Cruz County on a new labor contract, just a few days after union representatives said they were preparing a strike notice.

As Christopher Neely reported, the three-year deal calls for a 11.5% cost of living adjustment, combined, over the life of the contract, and commitments from the county to enhance health care coverage. The contract still needs to go to members for a vote before it’s enacted.

SEIU 521 represents around 1,800 county workers. The existing contract between the union and the county expired Sept. 19.

Ch-ch-changes: Openings, closings and other developments

Santa Cruz County Bank leader named a “powerful woman to watch”: American Banker magazine, a prominent industry publication, selected Santa Cruz County Bank CEO Krista Snelling as one of this year’s 25 most powerful women to watch. Snelling, ranked at No. 11, has led the bank since March 2021.
Adventure Out marks 20 years in business: Adventure Out, a Santa Cruz company focused on outdoor adventure experiences, is celebrating its 20th anniversary this month. The company, founded by Cliff Hodges, provides classes, lessons and private events in an array of outdoor activities, including rock climbing, surfing, mountain biking and survival skills.
UC Santa Cruz hires eight new humanities faculty members: UC Santa Cruz has added expands its humanities division with several new professors, including Dustin Chacon, assistant professor of linguistics; Hannah Rachel Cole, assistant professor of literature; Quin’Nita Cobbins-Modica and Thiago H. Mota, assistant professors of history; Josen Masangkay Diaz, associate professor of critical race and ethnic studies; Jamila Kareem, associate teaching professor in the writing program; Lauren Lyons, assistant professor of philosophy; and M. Ty, assistant professor of critical race and ethnic studies.
Board game cafe opens in Santa Cruz: Game Santa Cruz quietly opened last month, in the former Tabby Cat Cafe location at 1101 Cedar St. in downtown Santa Cruz. The shop will hold its grand opening this weekend. Check out Wallace Baine’s previous story about owner Wes Pannell’s plans for the new business.

Got hires, promotions, or departures to report? Send them to news@lookoutlocal.com with the subject line “Career changes.”

Looking at the numbers

$113 million: That’s the size of a new contract awarded to Watsonville-headquartered Granite Construction and its partner, Japan’s Obayashi Corp., to construct new facilities for the U.S. Marine Corps in Guam. It’s the military branch’s first new base in 70 years and the new facilities are expected to house 5,000 Marines. Granite and Obayashi expect to begin construction this month.

Save the date

Thursday, Oct. 3: The Santa Cruz County Chamber of Commerce will hold a “business after hours” event at Abbott SPI Inc., a local security guard service. The networking event takes place from 5 to 7 p.m. at Abbott’s offices at 2030 North Pacific Ave., Suite A, in Santa Cruz. It’s $20 for non-members and $10 for chamber members to attend. More details here.
Saturday, Oct. 5: Santa Cruz Community Health will mark its 50th anniversary with a fundraising gala at the Hotel Paradox in Santa Cruz, from 6 to 10 p.m. The event will feature speakers, a sitdown dinner and a cash bar. Tickets start at $150. For details and to purchase tickets, go here.
Sunday, Oct. 6: Santa Cruz Works and the UC Santa Cruz Seymour Marine Discovery Center will host Blue Innovation 2024, a day of exhibits from companies, small businesses, non-profit organizations, artists and researchers tackling water and ocean challenges. More details here.
Thursday, Oct. 10: Workforce Santa Cruz County is sponsoring a job fair at Cocoanut Grove in Santa Cruz from 4 to 6 p.m. For more details and to register, click here.
Thursday, Oct. 17: The Santa Cruz County Chamber of Commerce will hold its women’s leadership summit at Mount Hermon Conference Center from 9:30 a.m. to 3:45 p.m. The agenda includes keynote speakers, breakout sessions and networking opportunities focused on empowering women in their professional and personal lives. Registration and details here.
Friday, Oct. 18: Santa Cruz Works will host a breakfast at Swellcycle’s headquarters in the Wrigley Building on the Westside of Santa Cruz from 8 to 9:30 a.m. Attendees will get a chance to learn about the company’s 3D printing processes. Register here.
Friday, Nov. 8: The Monterey Bay Economic Partnership hosts its 2024 annual State of the Region event from 9 a.m. to 5 p.m. at the CSUMB University Center in Seaside. Representatives from Santa Cruz, Monterey and San Benito counties will speak about the region’s economic progress and other key issues. Speakers include state Sen. John Laird and UC Santa Cruz Chancellor Cynthia Larive. Register here.