From left to right:, Scott Shults, Randall Vaughan and Charleen Turner. (Source: Riverways FCU).
Last month, the Rolla, Mo.-based Riverways Federal Credit Union expanded its field of membership area from four to 27 counties. This month, credit union officials announced a new kind of expansion: The acquisition of an insurance company.
In a statement, Riverways ($79.2 million in assets, 8,653 members) said it had successfully acquired Vaughan Insurance, LLC for an undisclosed amount. The new company, Riverways Insurance Services, LLC, will allow the credit union to offer its members a full line of insurance services. The new insurance company will be run by Randal Vaughan, according to the credit union.
"Randall has, over the past 14-plus years, proven his ability to have the products and integrity that match the credit union philosophy of people helping people. We're thrilled to have Randall and Charleen committed to guiding insurance services into the future by providing affordable insurance options for new and existing credit union members," Riverways CEO Scott Shults said.
In a statement, Vaughan said, "We are excited to be starting Riverways Insurance Services LLC. We will continue to serve our existing customers with the same friendly service with no change to their insurance policies they now have. We are grateful to be part of a great group of people who really care about the community and helping people with their banking and insurance needs. Thank you for all being with us and we are confident that this relationship will continue to make us stronger."
In December, Shults said the credit union had worked most of the past year preparing for the field of membership expansion by investing in a new website and digital banking capabilities. At the time, Shults said, "It's just the beginning," Shults said. "I'm very excited to see how we can help more people experience the credit union difference."
With the FOM expansion and the new insurance company acquisition, it appears Shults will be able to bring the credit union experience to many more people in Missouri.
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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.
