The members of Lighthouse Group Credit score Union, based mostly in Vancouver, voted by an awesome majority to merge with Rivermark Group Credit score Union on Might 27. The merger formally took impact on June 1.
With one single department location at 1910 West Fourth Plain Blvd., in Vancouver, Lighthouse Group Credit score Union members will see loads of advantages because of the latest merger.
David Noble, senior vp of promoting with Rivermark, and Cori Poland, chief eXperience officer with Rivermark, stated that Lighthouse members will profit from the brand new comfort and entry they should their accounts, in addition to a wider array of choices for companies. Rivermark has 9 department areas throughout Oregon and Southwest Washington, all of which Lighthouse members will now have the ability to entry their accounts at.
One other new profit to Lighthouse members is Rivermark’s expanded on-line providers. Noble stated their on-line banking platform is way more sturdy and contains video banking, private teller kiosks and extra. These on-line banking providers have made it attainable for Rivermark to supply prolonged service hours, enabling them to function Monday-Friday, 8 a.m.-8 p.m., and Saturdays from 10 a.m.-6 p.m.
Poland and Noble stated Rivermark first began providing video banking in October of final 12 months, and it was already one thing they’d been planning to implement previous to the COVID-19 pandemic.
“Rivermark has been a forward-thinking firm for a very long time,” Noble stated. “So, we had been actually fairly ready for the pandemic. We had been one of many first (monetary establishments) to have cellular deposit, and there are loads of different issues we’ve had main the way in which with reference to expertise.
By video banking, Rivermark members can just about do all the things aside from money transactions. Poland stated the video banking additionally has screen-sharing talents, enabling individuals to ask questions on sure paperwork, and many others.
With regard to advantages to Rivermark members, Poland stated the credit score union has greater than 6,000 members in Vancouver. This merger now permits these members to make the most of the Lighthouse location, beginning Aug. 2.
“We had been additionally in a position to retain all the Lighthouse workers, and we’re excited to have the Lighthouse workers as Rivermark workers,” Poland stated. “They’ll be spending the brand new couple of months stepping into coaching.”
Poland additionally stated they employed one extra workers member, and they’re at all times always evaluating their video banking quantity and the kiosks to make sure they’ve sufficient staffing for these.
“Mergers can happen for many completely different causes, generally as a consequence of monetary stress, and many others., however on this case, our missions (Lighthouse and Rivermark) had been simply very aligned,” Poland stated. “Lighthouse has been very concerned in the neighborhood and with monetary empowerment and we simply had nice alignment with Lighthouse. It was nice to return collectively.”
Credit score Union Merger Info:
- Funds will proceed to be federally insured by the Nationwide Credit score Union Administration (NCUA), an company of the federal authorities, as much as $250,000 per member.
- Rivermark Group Credit score Union and Lighthouse Group Credit score Union are native not-for-profit, member-owned monetary cooperatives, run by boards of administrators elected from their membership.
- Rivermark Group Credit score Union was organized in 1951 by grocery retailer workers and as we speak serves over 85,000 members.
- Lighthouse Group Credit score Union was organized in 1953 by paper mill workers and as we speak serves 1,800 members.
- Rivermark was initially shaped by 140 grocery retailer workers who shaped Safeway Portland Workers Federal Credit score Union. In 2004, the Credit score Union was authorized for a group constitution and altered its title to Rivermark Group Credit score Union.
- On April 30, 2021, Rivermark’s belongings totaled $1.2 billion and Lighthouse Group Credit score Union’s belongings totaled $14 million.