Advantis & Rivermark Merger Creates Oregon’s Second Largest Credit Union

Advantis Credit Union members approved consolidating with Rivermark Community Credit Union, which will create Oregon’s second largest financial cooperative by assets in early October when the merger becomes legal.

Advantis will temporarily use the name “Advantis Credit Union, A Division of Rivermark Community Credit Union,” the credit unions said in a prepared statement on Tuesday. After the operational and system integration of both credit unions expected to be completed in early 2025, the combined entity name will fully transition to Rivermark Community Credit Union. The new credit union will assume Advantis’ corporate campus in Oregon City, as its headquarters, and Rivermark’s office in Beaverton, will be retained as additional administration space.

Based on the NCUA’s second quarter financial reports, the combined organizations will manage $3,575,464,189 in assets, which surpasses the current second largest credit union, Rogue Credit Union in Medford, which manages $3,507,985,228 in assets and serves 210,123 members. The state’s largest financial cooperative is the $9.4 billion OnPoint Community Credit Union, which serves more than 517,000 members.

The merged credit unions’ workforce of 609 employees will run 19 branch locations and serve more than 180,000 members.

Advantis President/CEO Jason Werts will become president/CEO of the combined organization. Werts’ annual base salary, noncash benefits and potential maximum incentive compensation will be increased by an amount of up to $163,978. This amount was determined by a market study of similarly sized credit unions and reflects that larger-sized credit union, according to the credit union’s merger documents filed with the NCUA.

Werts’ total compensation was $671,285, Advantis’ IRS 990 filing for 2022 showed. The credit union’s 2023 filing was not available.

The credit union’s merger documents filed with the NCUA also showed that Advantis SVP/CFO Greg Spear’s annual base salary and potential maximum incentive compensation will be increased by an amount of up to $83,005. This amount also was determined by a market study of similarly sized credit unions and reflects that larger-sized credit union. In 2022, Spear’s total compensation was $299,114, according to the credit union’s IRS 990 filing.

Seth Schaefer, Rivermark’s president/CEO, will become EVP and chief impact officer after the merger. His total compensation was $1,925,027, according to Rivermark’s IRS filing for 2023.

Schaefer’s role and his division will be dedicated to delivering sustainable impact to credit union members and the community. He will have oversight of financial wellness, advocacy and strategy, community impact, communications, and diversity, equity, and inclusion programs and initiatives.

According to their prepared statement, the decision to merge was driven by the credit unions’ shared vision to become the leader in fostering financial wellness for their members, including historically marginalized and underserved communities and the broader community in Oregon and southwest Washington.

“We’re grateful for our members’ support of this merger, and their engagement throughout this process represents the heart of our shared financial cooperative,” Werts said in a prepared statement. “This merger gives us the scale and resources to deliver on what our members have been asking for, years ahead of schedule.”

Eighty-eight percent of the ballots cast by Advantis members voted in favor of the consolidation, the credit unions reported in their joint statement. The merger was originally announced in January.

“We are incredibly excited about the opportunities this merger will bring to enhance the financial well-being of our members,” Schaefer said. “Together, we will have the resources and technology to better serve our communities while maintaining the personal touch our members know and trust.”

In addition to enhanced products and services and improved digital banking offerings post-merger, the combined credit union said more than 75 certified financial coaches, including 20 bilingual coaches, will be available for members.

“Advantis and Rivermark have established a combined purpose for the new organization: To transform lives and communities together,” the credit unions said in a prepared statement. “The plan is to achieve this through financial coaching and wellness programs, philanthropic giving, volunteerism, nonprofit partnerships and much more.”