Together for good.

A message from Seth Schaefer, President & CEO of Rivermark:

I have some exciting news to share with our members. Following a thorough due diligence process that met the satisfaction of both credit unions, Rivermark and Advantis Credit Union are proud to share that we have signed a merger agreement and plan to unite as one credit union in the latter part of 2024.

Together, we can do more good – for our members and our community. And because of this, the merger has the unanimous support of the board of directors of both institutions (comprised of Rivermark and Advantis members), as well as their respective CEOs and leadership teams.

Next, both credit unions are jointly applying for and expect to receive state and federal regulatory approval. Following this step, legal merger of both credit unions is likely to occur in Q3 or Q4 of this year.

We know you’ll have questions after hearing this news and welcome you to visit our Merger FAQ Center. We’ll also continue to share regular progress updates as we move forward.

How does this benefit me, as a Rivermark member?
This is the most important reason we’re pursuing a merger with Rivermark, because it will give us the scale and financial resources to deliver more benefits to our members, faster:

  • 2x the branches + extended teller hours. You’ll have access to 19 branches in Oregon and SW Washington with extended teller services hours (M-F, 8am-8pm; Sat, 10am-6pm). No branches will be closed.
  • Enhanced products and services. We expect to be able to return more value to you in the form of better products and services, market-leading rates, lower fees, and more free services.
  • Improved digital banking. We’ll have the resources to invest in more technology, providing you with innovative digital tools at your fingertips, now and into the future.
  • Financial coaches at your service. Financial wellness is important at both credit unions, and this creates a multiplying effect! With over 75 nationally certified financial coaches, including over 20 bilingual coaches, we’ll meet our members where they are on their financial journey.
  • More impact for your community. Advantis and Rivermark have established a combined purpose: to transform lives and communities, together. That may sound like a tall order, but we’re up to the task, through financial coaching & wellness programs, philanthropic giving, volunteerism, non-profit partnerships, and much more.
  • Same knowledgeable, caring employees. We’re not going anywhere. You’ll see the same friendly faces, just in more places!

This is just the start. Please take a moment to visit our website to get all the details, including how we plan to make this as smooth a process as possible for our members (in late 2024 or 2025):

Are both institutions financially strong? What about NCUA insurance?
Both have capital (or a rainy-day fund) exceeding the regulatory standard for “well-capitalized” credit unions, maintain a strong liquidity position, and continually operate within the regulatory definition of “safe and sound” practices. The strong safety and soundness of both credit unions only reinforced the Board and leadership’s interest in merging. Credit union deposits will continue to be federal insured to at least $250,000 by the NCUA.

Lastly, but most importantly, I want to thank you for your membership, and convey that we don’t take the decision to consider a merger lightly. I have deep respect for Advantis Credit Union and the substantial impact they bring to those they serve. Just like Rivermark, they are a local, member-owned cooperative, and together we want to become the leader in providing financial wellness to our members and community. It’s our vision, and our north star as we join forces to do more good.

We’ll be in touch with further updates, and I want to affirm that you’ll see no changes in the near future and no action is needed on your part at this time. Please note that Advantis branches will not be available to Rivermark members until after legal merger and the integration of our systems (likely 2025). We know you’re excited about 2X the branches and appreciate your patience!

Be sure to visit our Merger FAQ Center, and if you have additional questions, reach out to us. Our team is dedicated to you and ready to help.

Thank you,

Seth Schaefer
President & CEO
Rivermark Community Credit Union