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A small credit union, located in the hills of south-central Missouri, made a giant leap recently by expanding its field of membership from a relatively small four-county area to a whopping 27 counties.
This FOM expansion boosts the Rolla, Mo.-based Riverways Federal Credit Union's reach well into western and southern portions of the state, as well as close to the St. Louis metro area.
"This expansion is definitely a game changer for us," Riverways CEO Scott Shults said.
Shults pointed out one significant reason Riverways ($79.2 million in assets, 8,653 members) was able to pull off this kind of FOM expansion: Technology.
"One of the things that brought us to this point is our new digital banking platform," Shults said. "Thanks to technology, we're now able to provide access to quality banking services for our members no matter where they are."
According to a statement from the credit union, much of the past year was spent preparing for the FOM expansion, and much of that work was focused on building and launching a new website, which went live last month. The new site includes a new digital banking platform that allows members to open accounts, apply for loans and make payments, and includes online bill pay.
"It's just the beginning," Shults said. "I'm very excited to see how we can help more people experience the credit union difference."
Riverways' FOM expansion now applies to those who live, work, worship and attend school in the following counties: Benton, Callaway, Camden, Carter, Cole, Crawford, Dallas, Dent, Franklin, Gasconade, Hickory, Iron, Laclede, Madison, Maries, Miller, Morgan, Osage, Phelps, Pulaski, Reynolds, Shannon, St. Francois, Texas, Washington, Webster and Wright.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
