Riverside Health System Employees Credit Union to merge with 1st Advantage Federal Credit Union
YORKTOWN, VA (December 22, 2020) — Riverside Health System Employees Credit Union (RHSECU), an $8 million credit union located in Newport News, VA has announced their intent to merge into 1st Advantage Federal Credit Union, an $800 million credit union headquartered in Yorktown, VA. The merger is planned for early 2021.
RHSECU notes this was a strategic decision to offer members enhanced services, products, and added convenience. The merger has been approved by the Boards of both credit unions and the National Credit Union Administration.
“Throughout this process, the RHSECU Board of Directors Board 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,” noted Mike Doucette, RHSECU Board member. “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.”
Paul Muse, President and CEO of 1st Advantage said, “We welcome the RHSECU members to the 1st Advantage family and look forward to serving their financial needs. We are excited to offer our enhanced full-service banking products and serve as their trusted advisor. Together, we will secure a real advantage for the RHSECU members and their families.”
RHSECU has one location in Riverside Regional Medical Center and it will remain open. The combined credit union will serve more than 64,000 members.
About 1st Advantage Federal Credit Union
1st Advantage Federal Credit Union, a not-for-profit financial institution, is headquartered in Yorktown, Virginia. Established in 1951 as Ft. Eustis Federal Credit Union, 1st Advantage Federal Credit Union with assets of over $900 million operates 14 branches in Southeastern Virginia and parts of North Carolina. For more information, please visit 1stAdvantage.org.