OREGON CITY, Oregon—Members of the $1.9-billion Advantis CU here have approved the merger with $1.6-billion Rivermark Community Credit Union, based in Beaverton, Ore., Advantis CU reported.
The vote took place on September 23, with 88% of ballots cast in favor, Advantis said.
Member voting occurred from August 5 to September 23, preceded by state and federal regulatory approval, along with a unanimous vote in favor of the merger by the Advantis board of directors, Advantis said, adding the deal is expected to close in early October.
Initially Advantis will change its name to Advantis Credit Union, A Division of Rivermark Community Credit Union, as it assumes Rivermark’s charter. The CU’s name will fully transition to Rivermark Community Credit Union in early 2025, Advantis said.
As CUToday.info reported, the merger plan calls for Jason Werts, current president and CEO of Advantis, to hold the same role in the combined organization. Seth Schaefer, current president & CEO of Rivermark, will serve as EVP/chief impact officer,