What will take this CU from $50 to $500 million?

Serving the legal cannabis industry may take North Bay CU from $50 million in assets to more than $500 million in the next five to 10 years.

No, it isn’t hallucinating. Instead, those are projections from CEO Chris Call, whose $58-million credit union has had to dramatically ramp up its compliance team to serve the pot industry—going from one person to 1- today, with more staff expected. In the process, the big compliance department has not become a salary burden for the small shop, and instead is a profit center.

“The sky’s the limit for the growth of our credit union,” said Call. “California has the largest cannabis industry in the world, and we can grow as fast as our capital will allow us to grow. If we can produce the capital, we could easily increase our credit union’s size tenfold.”

North Bay’s ROA to date in 2019 is 1.7%, which Call said is being used to fund growth initiatives throughout the CU’s core operations.


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