Rivermark + Advantis

The final decision to merge was up to Advantis members, and we’re thrilled to have their strong support to move forward. Advantis members overwhelmingly approved the merger with on September 23, 2024, with 88% of ballots cast in favor. Member voting occurred from August 5 to September 23, preceded by state and federal regulatory approval, along with a unanimous vote in favor of the merger by the Advantis Board of Directors.

With this merger, we’ll be able to deliver more benefits to our members, faster – including double the locations, advanced technology offerings, and enhanced products and services years ahead of schedule.

By creating a distinctive credit union that will stand out from the 65 total credit unions and banks in the Portland metro area, we’ll have the scale to serve our members and our community with greater impact.

Lastly, we aim to emerge as the leader in fostering financial wellness for our members and the community in Oregon and SW Washington, including historically marginalized and underserved communities.

Following the unanimous vote of support of both boards, along with Federal and State regulatory approval, the final decision to merge was up to our member-owners. Advantis is assuming Rivermark’s charter, which means Advantis members voted on this merger, as required by regulation. In every credit union merger, one must assume the charter of the other, with it being referred to as the “continuing credit union.” This reference should be considered in the strictest legal sense and does not mean Rivermark is acquiring Advantis; we will combine our assets, resources, and staff as equal partners.

Rivermark has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. CDFIs are mission-driven organizations that focus on serving low-income and underserved communities, and allows for the credit union to secure additional grants to do highly impactful work in the community. The CDFI certification is tied to Rivermark’s charter, which means the merged credit union will have a much greater chance of maintaining this highly sought after designation.

No. Neither credit union took over the other. This is a true merger of equals, with two credit unions uniting as one and bringing forward the best of both. While the new combined credit union will be named Rivermark, current Advantis President & CEO Jason Werts will retain his position and role in the merged organization. Additionally, Advantis will hold an initial 6-5 board majority of the merged credit union. These mutually agreed upon decisions reinforce the equal manner of our merger.

Yes. Both have capital (or a rainy-day fund) exceeding the regulatory standard for “well-capitalized” credit unions, and continually operate within the regulatory definition of “safe and sound” practices. Both have a strong liquidity position and maintain a balanced loan-to-deposit ratio. The strong safety and soundness of our credit unions only reinforced the board’s and leadership’s interest in merging.

Yes. Credit union deposits will continue to be federally insured by the NCUA, meaning you may have up to $250,000 in protection for an individual membership, and an additional $250,000 in protection on IRA accounts. Your accounts at Rivermark will continue to be insured separately from your accounts at Advantis for six months after the legal merger. This means if the legal merger occurs on October 1, 2024, this will be effective through April 1, 2025.

If the combined balances in all your Rivermark and Advantis accounts exceed $250,000, please contact us so we can discuss simple options for increasing your coverage. The NCUA provides $250,000 coverage for balances held in different ownership categories.