Rivermark + Advantis Merger Approved

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 our 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.

Following the vote of approval by Advantis members, the credit unions will legally merge in early October, becoming one entity. Following this date, Advantis member facing communications and documents will include the name “Advantis Credit Union, A Division of Rivermark Community Credit Union.” This reflects Advantis assuming Rivermark’s charter, as noted above.

Most members will see no changes until we integrate our systems in early 2025. If a change occurs before this time, we’ll reach out well in advance to make you aware.

Advantis branches will not be available to Rivermark members until after the integration of our systems in early 2025. We know you’re excited about double the branches and appreciate your patience. We’ll let you know as soon as the 19-branch network is available to all members. This was one of the strongest benefits of this merger, and soon you’ll be able to enjoy new branches in Hillsboro, West Linn, Woodstock, Downtown Portland, and other areas Rivermark doesn’t currently have a branch.

There are no plans to close any branch locations as a result of this merger. In fact, this merger will provide the opportunity to expand our branch locations and enhance our digital member experience.

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.

There will be no potential changes to your accounts or products until early 2025 (after we integrate our operations and systems). Rest assured that we’ll only make a change to your account (or favorite product) if it means better benefits or enhanced features for our members.

Our highest priority is to achieve as much consistency and continuity as possible in these areas, as we understand convenience is top of mind for you. We’re nearing a determination on what changes may be needed and will communicate this as soon as it’s finalized. We appreciate your patience, and please know that we’re committed to minimizing any potential member impact. If any change occurs, it will not be until early 2025.

We are working diligently to make this merger as seamless as possible for you, and whether an account change will be needed is still to be determined. If an account change is needed, it wouldn’t happen until early 2025, so please continue to order and/or use Rivermark checks as you normally would. If you have unused checks that need to be replaced due to an account change in the future, the credit union will cover the cost. If there are no account changes, the checks you have today will continue to work and will not need to be replaced. We will follow up as we have more information.

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.

The extension applies only to accounts opened prior to October 1, 2024.

After October 1, 2024, the NCUA coverage will apply to the combined balances of Advantis and Rivermark accounts as one institution. The $250,000 limit will cover both Advantis and Rivermark accounts together.

If existing members open an account at Advantis after October 1, they will be required to sign a disclosure acknowledging that NCUA coverage now applies to both Advantis and Rivermark as a single entity.

Additional deposits to a member’s existing accounts will be covered during the 6-month period after legal merger, up to the maximum insured amount. However, if one or more deposits bring the member’s combined balances at Rivermark and Advantis above $250,000, the member should promptly evaluate options for increasing share insurance coverage. 

The rates on your fixed-rate loans and certificates will remain the same until the end of their existing terms. Rates on other products would continue to adjust based on market conditions, just as they do today. There will be no anticipated changes to account features or fees until early 2025. As a merged credit union, we’ll continue to provide market-leading rates, low fees, and more free services.

Yes, absolutely! While the merger will bring a number of exciting changes for members, just as important are the things that won’t change. Like finding the same friendly faces and personal service from your trusted, local not-for-profit financial co-op. In other words, NOT a big bank. Additionally, after systems integration members will enjoy new video banking services along with extended video teller hours.

Our employees are vital to serving our members. We will not reduce staffing levels or conduct layoffs because of this merger. In fact, a merger is likely to provide greater growth opportunities for employees.

Yes. You’ll still have access to all the CO-OP ATMs at no charge, as both organizations are part of the CO-OP ATM network.

Yes, we do.  In fact, we’d be hard-pressed to find another organization that is more like (each of) us. Both credit unions have deeply held values around providing financial empowerment and advocacy for its members, supporting and fostering diversity, equity, and inclusion, and making a difference in our communities. We also share a deep commitment to better serving historically marginalized and underserved communities. We’re proudly progressive and inclusive – as financial institutions, employers, and community partners.

Headquartered in Oregon City, Oregon and founded in 1928 by city and county employees, Advantis Credit Union today serves over 87,000 members with assets of $1.9 billion at its 9 branch locations. Advantis’ mission is to “Improve the financial lives of our members” by being personally invested in their financial wellness.

Like Rivermark, Advantis was founded decades ago, formed by a group of co-workers committed to pooling their resources to support each other with affordable loans and stronger savings rates. Our beginnings were with grocery store employees, and Advantis with city and county employees. While our member bases were different, each credit union had – and continues to have – a strong commitment to low-cost financial services for hardworking people, especially those who need them most.

While all credit unions have a lot in common, a merger between Rivermark and Advantis will maximize the benefits for all of our collective members. Rivermark and Advantis have very similar missions, visions, and values and look forward to building synergy together to better serve our current and future members.

Jason Werts, current President & CEO of Advantis, will be the President & CEO of the combined organization. Seth Schaefer, current President & CEO of Rivermark, will serve as Executive Vice President and Chief Impact Officer. Seth’s role and his division will be dedicated to delivering sustainable impact to our members and the community, with oversight over financial wellness, advocacy and strategy, community impact, communications, and diversity, equity, and inclusion programs and initiatives. This merger has the full support of both Jason and Seth, as well as the executive and leadership teams of both organizations.

Yes, the name of the combined credit union will be Rivermark Community Credit Union.

Both credit unions have strong and respected brands in our local market, and because of this valuable brand equity, it was much wiser to choose a known and respected name versus an entirely new name with no brand awareness. This will give us an advantage in terms of growth potential and the results we can achieve in a local market that’s very crowded with 65 total credit unions and banks in the Portland metro area.

In a recent market study of local consumers, both names had strong brand awareness. However, Rivermark had higher awareness, especially in Washington and Clackamas counties. This gives us a real jump start, with more of our community being familiar with our combined name.

The name resonated with consumers as a “local” feeling brand, with its reference to the rivers characteristic of our area. And very few organizations nationwide have the Rivermark name. In addition, Rivermark currently holds Federal trademarks, providing greater brand protection.

While we are assuming the Rivermark name, Advantis and Rivermark are combining our assets, resources, staff, policies, and programs as equal partners, and in largely equal measure.