OREGON CITY, Ore.–Two Portland-area credit unions have announced plans to merge and create a multi-billion-dollar CU.
The $2-billon Advantis Credit Union in Oregon City and the $1.3-billion Rivermark Credit Union in Beaverton said they plan to combine. The merged credit union would have approximately 180,000 members and 19 branches. The two CUs are about 20 miles apart.
The merger plan calls for Jason Werts, current president & 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, with his role and division to 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,” the credit unions said in a statement.
‘Shared Vision’
“The decision to merge was driven by the credit unions’ 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,” the two organizations said. “By creating a distinctive credit union that will stand out among the 65 total credit unions and banks in the Portland metro area, Advantis and Rivermark also see this merger as an opportunity to do more good.”
CEO Statements
“Combining the forces of two like-minded credit unions that share a purpose-driven mission just makes sense,” said Werts. “We’re truly coming together to do more good for our members and community.”
“Together, we will be in a position to accelerate our member financial wellbeing initiatives and commitment to serving historically marginalized and underserved communities,” added Schaefer. “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,” continued Schaefer.
Benefits of Merger
According to the two credit unions, the benefits of the merger include:
- Twice as many branch locations and that no branches will be closed.
- Enhanced products and services.
- Improved digital banking offerings.
- More than 75 FICEP-certified financial coaches across both organizations, including more than 20 bilingual coaches, to “help members on their financial journey.”
- More impact. “Advantis and Rivermark have established a combined purpose for the new organization: to transform lives and communities, together,” the CUs said, adding they “plan to achieve this through financial coaching and wellness programs, philanthropic giving, volunteerism, non-profit partnerships, and much more.
The credit unions said there will be no layoffs.
The merger proposal now most go to Advantis members for a vote, while regulatory approval is also needed.
The Financials
Through Q3 of 2023, Advantis CU reported $3.43 million in net income to go with capital of 10.83%. Although it is smaller, Rivermark Community posted $4.7 million in net income and net worth of 9.38% as of the same date.
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