YORKTOWN, Va. — Riverside Health System Employees Credit Union has announced plans to merge. The $8-million RHSECU said it will merge with the $800-million 1st Advantage FCU in Yorktown, Va.
The merger is planned for early 2021.
In a statement, Riverside Health System ECU said the merger is a strategic decision to offer members enhanced services, products, and added convenience. The merger has been approved by the boards of both credit unions and NCUA.
“Throughout this process, the RHSECU board of directors has been steadfast in its commitment to looking after the best interests of our members and has evaluated several potential merger partners. With careful consideration, we have decided it is in the immediate and long-term best interest of membership to merge into 1st Advantage Federal Credit Union,” said Mike Doucette, RHSECU board member, in a statement. “Merging into 1st Advantage allows us to enhance the value of credit union membership and better serve our members by adding a wider array of products and services.”
Paul Muse, president and CEO of 1st Advantage, said the CU welcomes the RHSECU members to the 1st Advantage family and looks forward to serving their financial needs.
“We are excited to offer our enhanced full-service banking products and serve as their trusted advisor. Together, we will secure a real advantage for the RHSECU members and their families.”
The combined credit union will serve more than 64,000 members.