The Bank Slate


Rivermark CU, Advantis CU in Oregon planning merger

Rivermark Community Credit Union in Beaverton, Ore., and Advantis Credit Union in Oregon City are planning to merge.

The $1.4 billion-asset Rivermark and the $2 billion-asset Advantis expect their merger to close later this year quarter. The combined credit, which would retain the Rivermark name and be based in Oregon City, would have 19 branches and 180,000 members.

The credit unions expect to retain all employees and branches.

Jason Werts, Advantis’ CEO, would serve as Rivermark’s CEO. Seth Schaefer, Rivermark’s current CEO, would become an executive vice president.

The merger makes sense because the credit unions are “like-minded,” Werts said in a press release.

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