Advantis & Rivermark Merger to Create 3rd Largest CU in Oregon
If approved, the combined organization would manage $3.3 billion in assets, 19 branches and nearly 180,000 members.
Advantis Credit Union and Rivermark Community Credit Union said Thursday they are planning to merge by the third or fourth quarter of this year, which would create Oregon’s third largest financial cooperative with 595 employees that would operate 19 branches and serve nearly 180,000 members.
If approved by regulators and Advantis members, the combined organization would manage assets of $3,388,223,836, based on the credit unions’ 2023 third quarter Call Reports. Currently, Oregon’s third largest credit union is Rogue Credit Union in Medford, which manages $3,330,868,904 and serves 207,856 members, according to its 2023 third quarter Call Report.
“Combining the forces of two like-minded credit unions that share a purpose-driven mission just makes sense,” Advantis President/CEO Jason Werts, who would become the CEO of the combined organizations, said. “We’re truly coming together to do more good for our members and community.”
Specifically, the credit unions said in a prepared statement that the decision to merge was driven by their shared vision to become the leader in fostering financial wellness for their members and the broader community in Oregon and Southwest Washington, including historically marginalized and underserved communities. This in turn is expected to create a distinctive credit union that will stand out among the 65 credit unions and banks in the Portland metro area, Advantis and Rivermark said.
“Together, we will be in a position to accelerate our member financial well-being initiatives and commitment to serving historically marginalized and underserved communities,” Rivermark Community Credit Union President/CEO Seth Schaefer said. “In fact, we plan to double down on our commitment in the areas of financial wellness, diversity, equity and inclusion, and food and housing insecurity.”
If the consolidation gets the green light, Schaefer would be named EVP and chief impact officer. His division’s role would be dedicated to delivering sustainable impact to credit union members and the community, with oversight over financial wellness, advocacy and strategy, community impact, communications, and diversity, equity and inclusion programs and initiatives.
While the proposed merger would be expected to enhance products and services and improve digital banking offerings for members, the combined credit unions would have more than 75 FICEP-certified financial coaches, including more than 20 bilingual coaches, to help members manage their financial lives.
Advantis said, pending the approval of members, that it is assuming Rivermark’s charter because it is certified as a Community Development Financial Institution, which will enable the combined organizations to secure additional grants to do highly impactful work in the community.
The credit unions decided to continue to operate under the Rivermark Community name.
“While both names had strong brand awareness based on a recent market study of local consumers, Rivermark had higher brand awareness, especially in Washington and Clackamas counties,” Advantis explained. “This gives us a real jump start, with more of our community being aware of our combined name. In addition, the name Rivermark is more unique (with very few organizations having this name nationwide), has Federal trademarks that provide greater brand protection, and it evokes a ‘local feel’ among consumers and members with its reference to the rivers [that are] characteristic of our area.”