The members of Lighthouse Community Credit Union, based in Vancouver, voted by an overwhelming majority to merge with Rivermark Community Credit Union.
The vote by Lighthouse members on May 27 was the final step for merger approval, having already been approved by state and federal regulators and both credit unions’ boards of directors. The merger will take effect on June 1, 2021.
“Our credit unions have so much in common,” said Lighthouse Community Credit Union President Steve Bernhoft. “We were committed to finding a merger partner that shared the mission and vision of Lighthouse, and we have found that in Rivermark.”
Through Rivermark Community Credit Union, members will have access to nine branch locations across Oregon and Southwest Washington, as well as expanded online banking, mortgage and business services. Rivermark is focused on creating an environment where members are equipped to take control of their own financial well-being.
Lighthouse has a single branch located at 1910 West Fourth Plain Blvd., in Vancouver that will remain open.
“We are excited to welcome Lighthouse members to the Rivermark family,” said Seth Schaefer, president/CEO of Rivermark Community Credit Union. “Our credit unions share a commitment to financial empowerment and to local, accessible and personalized financial solutions.”
When the merger is complete, Rivermark members will benefit from branch access in Vancouver, where more than 3,000 existing members live.
Credit Union Merger Facts:
- Funds will continue to be federally insured by the National Credit Union Administration (NCUA), an agency of the federal government, up to $250,000 per member.
- Rivermark Community Credit Union and Lighthouse Community Credit Union are local not-for-profit, member-owned financial cooperatives, run by boards of directors elected from their membership.
- Rivermark Community Credit Union was organized in 1951 by grocery store employees and today serves over 85,000 members.
- Lighthouse Community Credit Union was organized in 1953 by paper mill employees and today serves 1,800 members.
- Rivermark was originally formed by 140 grocery store employees who formed Safeway Portland Employees Federal Credit Union. In 2004, the Credit Union was approved for a community charter and changed its name to Rivermark Community Credit Union.
- On April 30, 2021, Rivermark’s assets totaled $1.2 billion and Lighthouse Community Credit Union’s assets totaled $14 million.
