Two financial stalwarts of the Portland area, Advantis Credit Union and Rivermark Community Credit Union, have announced their plan to merge, setting the stage to become Oregon's third-largest credit union powerhouse. The proposed entity will present a combined force of approximately $3.4 billion in assets and a membership of 180,000, as confirmed by both organizations in separate announcements on Thursday.
The merger, which is yet to be sanctioned by state and federal regulators and awaits an affirmative nod from Advantis members, is expected to execute by the year's end. The move appears to squarely position the new credit union to compete robustly in a market with 65 other credit unions and banks in the Portland metro area. According to OregonLive, the combined operation will retain all 19 branches and the Rivermark name, positioning itself to take advantage of Rivermark's stronger brand recognition, particularly in Washington and Clackamas counties.
Leadership roles following the merger have already been earmarked, with Advantis CEO Jason Werts slated to lead the combined organization. In contrast, Rivermark CEO Seth Schaefer is to proceed as executive vice president. "Together, we will be in a position to accelerate our member financial wellbeing initiatives and commitment to serving historically marginalized and underserved communities," Schaefer told CUInsight.
Amid ongoing consolidation trends within the financial sector, this merger aims to expand services while improving digital banking experiences and doubling down on inclusivity initiatives. As detailed by CUInsight, the credit unions plan to leverage more than 75 FICEP-certified financial coaches, including over 20 bilingual staffers, to enhance member support. "Combining the forces of two like-minded credit unions that share a purpose-driven mission just makes sense," Werts conveyed, emphasizing the aligned values of both institutions.
The driving force behind the merger extends beyond financial gains, focusing on shared missions to foster financial wellness and make a positive impact within the community. With hopes to strengthen their support for food and housing security, diversity, equity, and inclusion, this union also promises no branch closures or employee lay-offs, suggesting a seamless transition for members and staff alike.
