Riverside Health System Employees Credit Union, an $8.3 million-asset institution in Newport News, Va., has announced plans to merge into $800 million-asset 1st Advantage Federal Credit Union in Yorktown, Va. The deal is expected to close early next year.
The merger has been approved by both institutions’ boards of directors, as well as the National Credit Union Administration, though RHSECU members still have to vote on the transaction.
A press release noted that Riverside Health System members will gain access to enhanced products and services upon joining 1st Advantage, along with additional convenience from added branch locations.
RHSECU’s lone branch in Riverside Regional Medical Center will remain in operation after the merger, and members will have access to more than a dozen 1st Advantage branches, along with facilities available through shared-branch agreements.
“Throughout this process, the RHSECU board of directors [has] been steadfast in its commitment to looking after the best interest of our members and has evaluated several potential merger partners. With careful consideration, we have decided it is in the immediate and long-term best interest of membership to merge into 1st Advantage Federal Credit Union,” Mike Doucette, a RHSECU board member, said in the press release. “Merging into 1st Advantage allows us to enhance the value of credit union membership and better serve our members by adding a wider array of products and services.”
Riverside Health System Employees Credit Union lost nearly $77,000 during the first three quarters of the year, compared to losses of about $15,000 during the same period in 2019.
