- people on the move
Credit union acquiring financial institution
A credit union in southwest Michigan is acquiring a single-location financial institution on the state’s east side.
Parchment-based Advia Credit Union said today this week it is acquiring Riverview Community Federal Credit Union in St. Clair, subject to an anticipated “yes” vote next month by Riverview members, along with final regulatory approvals.
The deal is expected to close in the second quarter of 2020.
Cheryl DeBoer, president and CEO of Advia, said the acquisition will help strengthen Riverview’s member offerings.
“At Advia, our mission is to provide financial advantages to those we serve. When two healthy credit unions such as Advia and Riverview unite, it strengthens our ability to thrive and deliver better financial solutions to our member-owners,” she said.
Mark Fisher, CEO, Riverview, said the deal was made with customers in mind.
“Our goal is to put our members first in all that we do, and this is a great example of how we’re continuing this mission,” he said. “This … partnership will expand local and statewide branch access for our members, expand digital access to 24-hour financial solutions and secure our long-term viability for our growing member (base).”
Riverview and its single branch in St. Clair will become part of Advia. There will be no “related” team layoffs, according to Advia.
The new combined entity will serve over 170,000 members out of 34 branches in Michigan, Illinois and Wisconsin, several of which are in southeast Michigan.
Advia Credit Union
Advia Credit Union was founded in 2014 from a merger between First Community Federal Credit Union (founded in 1938) and E&A Credit Union (established in 1935).
The credit union provides personal and business banking services to more than 167,000 members, employs over 600 people and has 33 branch locations throughout Illinois, Michigan and Wisconsin.
Advia has over $2 billion in assets.
Riverview Community FCU
Founded in 1957, Riverview Community Federal Credit Union is a member-owned financial cooperative offering deposit and loan services.
The credit union has eight employees at one location with about $30 million in assets.