Advantis + Rivermark

Merger voting open through September 23

We encourage eligible Advantis members to vote online by 6:30 pm on September 23, on the proposed merger with Rivermark Community Credit Union

Your VOTE OF APPROVAL means your credit union can provide many new benefits to our members and our community.

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• The Advantis Board of Directors has called a Virtual Special Meeting of the Members of the credit union on September 23, 2024 at 5:30pm to be held via Zoom. To receive a meeting link, please register online here.

• Our proposed merger with Rivermark has received State and Federal regulatory approval.

• The Advantis Board of Directors (made up entirely of Advantis members) voted unanimously to put this merger forward for approval by our membership.

• The merger also has the support of Advantis leadership and employees.

• As a member-owned credit union, the final decision is up to you. The merger must have the approval of a majority of members of the credit union voting on the proposal.

Members will enjoy even greater benefits

This merger gives us the scale and resources to deliver on what our members have been asking for, years ahead of schedule. Your VOTE OF APPROVAL means your credit union can provide:

	More member benefits, sooner This merger gives us the scale and resources to deliver the products, technology upgrades, and locations you’ve been asking for, years ahead of schedule.
	Double the branch locations Access 19 combined branches in Oregon and Washington, including Vancouver and Happy Valley. Plus, enjoy extended hours through video teller services, 8 am - 8 pm weekdays and 10 am - 6 pm Saturdays. Note: Rivermark branches will be available after the integration of our systems in early 2025.
	Same knowledgeable, caring employees Our staff is just as excited about the opportunities this merger will bring. Which means you’ll speak to the same friendly people you’ve come to know and love.
	Enhanced products and services You’ll see greater value in the form of excellent rates, low fees, and more features. And your favorite account will only change if it means making it better.
	Financial coaches at your service You'll benefit from more than 75 certified financial coaches working in your best interest, including at least 20 bilingual coaches.
	More impact for your community We intend to make substantial investments into financial wellness initiatives for our members and the broader community, including historically marginalized and underserved communities.

FAQ

Why are Advantis and Rivermark Community Credit Union pursuing this merger?
We’ll be able to deliver more benefits to our members, faster – including double the locations, advanced technology offerings, and enhanced products and services years ahead of schedule.

By creating a distinctive credit union that will stand out from the 65 total credit unions and banks in the Portland metro area, we’ll have the scale to serve our members and our community with greater impact.

Lastly, we aim to emerge as the leader in fostering financial wellness for our members and the community in Oregon and SW Washington, including historically marginalized and underserved communities.

Why are Advantis members voting on this merger?
Following the unanimous vote of support of our board, along with Federal and State regulatory approval, the final decision to merge is up to you, our member-owners. Advantis will assume Rivermark’s charter, which means Advantis members vote on this merger, as required by regulation. In every credit union merger, one must assume the charter of the other, with it being referred to as the “continuing credit union.” This reference should be considered in the strictest legal sense and does not mean Rivermark is acquiring Advantis; we will combine our assets, resources, and staff as equal partners.

Why is Advantis assuming Rivermark’s charter?
Rivermark has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. CDFIs are mission-driven organizations that focus on serving low-income and underserved communities, and allows for the credit union to secure additional grants to do highly impactful work in the community. The CDFI certification is tied to Rivermark’s charter, which means the merged credit union will have a much greater chance of maintaining this highly sought after designation.

Is Advantis being acquired by Rivermark?
No. Neither credit union is taking over the other. This is a true merger of equals, with two credit unions uniting as one and bringing forward the best of both. While the new combined credit union will be named Rivermark, current Advantis President & CEO Jason Werts will retain his position and role in the merged organization. Additionally, Advantis will hold an initial 6-5 board majority of the merged credit union. These mutually agreed upon decisions reinforce the equal manner of our merger.

What if I have specific or more detailed questions about the merger voting process?
Please visit our dedicated Vote FAQ page to get all the answers to your voting questions. 

What’s next after the member vote concludes?
Once voting ends on September 23 and we’ve received approval by Advantis members, the credit unions would legally merge shortly thereafter. However, members will see no changes until late 2024 or 2025 after we combine systems and operations. We’ll keep you updated throughout this process.

Why is it important for Advantis members to vote in favor of approving the merger?
Your vote is how you share your voice in this important decision. We see this as an opportunity to join forces to accelerate our ability to better serve our collective membership base, including introducing new benefits years ahead of schedule. It is in our members’ best interests to vote in favor of the merger.

Are both institutions financially safe and strong?
Yes. Both have capital (or a rainy-day fund) exceeding the regulatory standard for “well-capitalized” credit unions, and continually operate within the regulatory definition of “safe and sound” practices. Both have a strong liquidity position and maintain a balanced loan-to-deposit ratio. The strong safety and soundness of our credit unions only reinforced the board’s and leadership’s interest in merging.

Will I continue to enjoy the same online banking experience?
Yes. Advantis members will continue to enjoy the same online and mobile banking experience following the operational integration with Rivermark, along with some welcome upgrades. This means the features you’ve come to know and love, as well as important pieces like your username, scheduled transfers/payments, and bill payees will all remain intact. You can also look forward to a number of new features, like instant external account transfers, immediate credit card payments, and improved mortgage account access.

How will my accounts and favorite Advantis product(s) be affected?
There will be no potential changes to your accounts or products until late 2024 or 2025 (after we integrate our operations and systems). Rest assured that we’ll only make a change to your account (or favorite product) if it means better benefits or enhanced features for you.

Will there be a change to my debit or credit card number/account number/member number?
Our highest priority is to achieve as much consistency and continuity as possible in these areas. While we haven’t yet determined if any changes will need to be made, we understand convenience is top of mind for you. If a change is necessary, we’ll do everything possible to ensure a smooth transition and minimize any impact to members. If any change occurs, it will not be until late 2024 or 2025.

What if I recently ordered checks or plan to soon?
We are working diligently to make this merger as seamless as possible for you, and whether an account change will be needed is still to be determined. If an account change is needed, it wouldn’t happen until late 2024 or 2025, so please continue to order and/or use Advantis checks as you normally would. If you have unused checks that need to be replaced due to an account change in the future, Advantis will cover the cost. If there are no account changes, your Advantis checks will continue to work and will not need to be replaced. We will follow up as we have more information.

Will my accounts continue to be insured? What if I have accounts at Rivermark as well?
Yes. Credit union deposits will continue to be federally insured by the NCUA, meaning you will still have up to $250,000 in protection for an individual membership. Your accounts at Advantis will continue to be insured separately from your accounts at Rivermark for six months after legal merger.

If the combined balances in all your Rivermark and Advantis accounts is more than $250,000, please contact us so we can discuss options for increasing your coverage. The NCUA provides $250,000 coverage for balances held in different ownership categories. We can help you determine how best to structure your accounts if you’re in this situation.

Will my rates or account features change? Will you continue to offer great rates and low fees?
The rates on your fixed-rate loans and certificates would remain the same until the end of their existing terms. Rates on other products would continue to adjust based on market conditions, just as they do today. There will be no potential changes to account features or fees until late 2024 or 2025. As a merged credit union, we’ll continue to provide market-leading rates, low fees, and more free services.

Will I still get the same level of service? I don’t want my credit union to feel like a big bank.

Yes, absolutely! While the merger will bring a number of exciting changes for members, just as important are the things that won’t change. Like finding the same friendly faces and personal service from your trusted, local not-for-profit financial co-op. In other words, NOT a big bank. Additionally, members will enjoy new video banking services along with extended video teller hours.

I care about your employees. Would a merger affect their jobs?

Our employees are vital to serving our members. We will not reduce staffing levels or conduct layoffs because of this merger. In fact, a merger is likely to provide greater growth opportunities for employees.

When can I start using Rivermark branches?
Rivermark branches will not be available to Advantis members until after legal merger and the integration of our systems (likely 2025). We know you’re excited about double the branches and appreciate your patience. We’ll let you know as soon as the 19-branch network is available to all members. This was one of the strongest benefits of this merger, and soon you’ll be able to enjoy new branches in Vancouver, Happy Valley, the Dalles, and other areas Advantis doesn’t currently have a branch.

Can we still use other credit union (CO-OP) ATMs?
Yes. You’ll still have access to all the CO-OP ATMs at no charge after the merger, as both organizations are part of the CO-OP ATM network.

Do Advantis and Rivermark share similar values?
Yes, we do.  In fact, we’d be hard-pressed to find another organization that is more like (each of) us. Both credit unions have deeply held values around providing financial empowerment and advocacy for its members, supporting and fostering diversity, equity, and inclusion, and making a difference in our communities. We also share a deep commitment to better serving historically marginalized and underserved communities. We’re proudly progressive and inclusive – as financial institutions, employers, and community partners.

Who is Rivermark? Do they have a long history of serving the community like Advantis?
Headquartered in Beaverton, and founded in 1951, Rivermark Community Credit Union holds over $1.4 billion in assets and serves 90,000 members. Rivermark’s mission is “Building Financial Empowerment Together” by providing members with the confidence to make good financial choices with consistently superior financial solutions and trusted advice. Visit their website to learn more.

Like Advantis, Rivermark was founded decades ago, formed by a group of co-workers committed to pooling their resources to support each other with affordable loans and stronger savings rates. Our beginnings were with city and county and power company employees, and Rivermark’s were with grocery store employees (Safeway). While our member bases were different, each credit union had – and continues to have – a strong commitment to low-cost financial services for hardworking people, especially those who need them most.

Why did we choose Rivermark instead of one of the other credit unions to merge with?
While all credit unions have a lot in common, a merger between Rivermark and Advantis will maximize the benefits for all of our collective members. Rivermark and Advantis have very similar missions, visions, and values and look forward to building synergy together to better serve our current and future members.

Who will lead the merged organization and do they support from both credit unions?
Jason Werts, current President & CEO of Advantis, will be the President & CEO of the combined organization. Seth Schaefer, current President & CEO of Rivermark, will serve as Executive Vice President and Chief Impact Officer. Seth’s role and his division will be dedicated to delivering sustainable impact to our members and the community, with oversight over financial wellness, advocacy and strategy, community impact, communications, and diversity, equity, and inclusion programs and initiatives. This merger has the full support of both Jason and Seth, as well as the executive and leadership teams of both organizations.

Has a name been chosen for the combined credit union?
Yes, the name of the combined credit union will be Rivermark Community Credit Union.

Why not a new name?
Both credit unions have strong and respected brands in our local market, and because of this valuable brand equity, it was much wiser to choose a known and respected name versus an entirely new name with no brand awareness. This will give us an advantage in terms of growth potential and the results we can achieve in a local market that’s very crowded with 65 total credit unions and banks in the Portland metro area.

Why did we choose the Rivermark name?
In a recent market study of local consumers, both names had strong brand awareness. However, Rivermark had higher awareness, especially in Washington and Clackamas counties. This gives us a real jump start, with more of our community being familiar with our combined name.

The name resonated with consumers as a “local” feeling brand, with its reference to the rivers characteristic of our area. And very few organizations nationwide have the Rivermark name. In addition, Rivermark currently holds Federal trademarks, providing greater brand protection.

While we are assuming the Rivermark name, Advantis and Rivermark are combining our assets, resources, staff, policies, and programs as equal partners, and in largely equal measure.

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