Take a look at what’s going on at Rivertown Community Federal Credit Union.
Merger Coming 2023!
On Wednesday, December 7th, 2022, Rivertown Community Federal Credit Union held its special meeting, where it was announced that an overwhelming majority of our members voted in favor of a merger with Allegan Credit Union. With all approvals in place, Rivertown and Allegan can now proceed with our partnership. As of January 1, 2023, we will be legally combined.
We are greatly appreciative of our members who have been engaged throughout the process of merging. What makes credit unions unique is that members have a say in decisions like these, and we’re proud to have such a committed membership.
From here, we will begin the process of merging our operations, which will involve combining systems. We will continue to update members throughout the entire merger process.
You can find the latest merger information and frequently asked questions on our website. We will also communicate to members individually as needed.
Thank you again for your participation and commitment to the credit union. Our commitment to you and to our community is what drives us. We could not do this without your support, and for it, we are very grateful.
Please see below for frequently asked questions:
WHAT DOES THIS PARTNERSHIP DO FOR THE ORGANIZATIONS?
Overall, our combined assets will be approximately $160 million, serving approximately 14,000 members with 5-branches. With an increased physical presence and combined resources, we will be able to better serve our members and our communities.
WHO IS ALLEGAN?
Allegan Credit Union began on March 9, 1945, by Blood Brothers Machine Company. The credit union served all employees of Blood Brothers and was known as Blood Brothers Federal Employees Credit Union.
Over the years, Blood Brothers experienced a great deal of change and progress within the industry. By 1973 the new name of the company and the credit union was Rockwell International. The credit union continued to service the Rockwell employees and their families.
On August 1, 1975, the credit union opened its doors to the community for membership; it would be known as Allegan Community Federal Credit Union. Our field of membership included anyone who lived or worked in Allegan County or had a blood relative who was already a member.
In February 2017, Allegan Credit Union expanded its charter to serve an additional eight counties: Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, and Van Buren. August 2017 saw Allegan Credit Union open its second location in Gobles, MI. And in May 2018, we opened our third branch in Fennville, MI.
Allegan Credit Union became a state-chartered credit union in May of 2022, allowing the credit union to serve the entire state of Michigan.
WHAT DOES THIS MERGER MEAN FOR MEMBERS?
Merging with Allegan Credit Union will allow us to have increased positive member and community impact and value in the form of:
More Products and Services
Including a Youth Savings Account, multiple checking account options, and a Golden Account for members who keep a higher balance in their account, to name just a few.
Increased Member Access/Community Impact
Our branch network will increase from 2 branches to 5 branches with plans to continue serving our members with the same friendly team. A larger branch network allows members greater convenience in addition to allowing the credit union to have an even greater positive community impact.
Enhanced Digital Banking Solutions
This partnership will allow us to continue to provide upgraded digital banking solutions, such as online and mobile banking. Allegan is focused on implementing technology solutions that benefit members. Merging will allow us to advance our capabilities much faster than we could on our own.
More Responsive to Evolving Financial Needs
Becoming a larger credit union with approximately $160 million in assets provides opportunities to increase efficiencies and return those savings to members in the form of greater access and value, new technologies and services, competitive loan and deposit rates, and higher levels of community giving.
Same Great Service from the Same Knowledgeable Team Members
The same friendly team at our branches will continue to be available to serve you.
WILL MY ACCOUNTS BE AFFECTED?
There will be no effect on your accounts. We are currently on the same operating system as Allegan Credit Union, which means we would not have to do a system conversion.
WILL MY RATES CHANGE?
The rates on fixed-rate loans and certificates remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions.
WILL MY ACCOUNTS CONTINUE TO BE INSURED?
Yes. Credit Union deposits will continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts.
WILL YOU CLOSE BRANCHES?
No. There are no plans for any branch closures. This merger will provide the opportunity to expand our branch locations and enhance our digital member experience.
WILL I CONTINUE TO GET THE SAME SERVICE AND ATTENTION?
Yes. Both organizations are committed to providing high levels of service for members and this will continue to be a focus for the combined organization.
WILL OUR FIELD OF MEMBERSHIP CHANGE?
Yes, Allegan has a larger field of membership, which will allow some members who wouldn’t normally qualify for membership to become members.
WILL OUR NAME CHANGE?
No, the name will not change. The existing “Rivertown” branding will remain and branches will be designated as “Rivertown Branches.” The combined credit union will however operate their unique, individual brands under one unified brand.
WHO WILL LEAD THE ORGANIZATION?
Kristopher Lewis would be the President/CEO of the combined organization.
WHO IS KRISTOPHER LEWIS?
Kristopher Lewis is the dual President and CEO for Allegan Credit Union in Allegan, MI, and Rivertown Community Federal Credit Union in Grandville, MI. In this role, Lewis oversees all aspects of the two roughly $80 million individual Credit Unions. Allegan Credit Union has been serving members for 77 years and Rivertown Community Credit Union has been serving members for 73 years.
Lewis has over 16 years of progressive credit union leadership experience with both large and small asset-sized credit unions. Before joining Allegan, he served in several leadership roles at Kellogg Community Credit Union and Consumers Credit Union.
Lewis currently serves on the Board of Directors for CU Answers and also serves on the Board of Directors for several Credit Union Service Organizations (CUSO’s) including MiCUSO and Element22 Commercial Group. He also serves as a Trustee for the Michigan Credit Union League (MCUL) Federal and State Political Action Committee (PAC) and is a member of the MCUL State and Federal PAC Workgroup. He serves as an Executive Committee Member of the Greater Southwest Chapter of Credit Unions. Lewis is a certified Mortgage Loan Officer and an Integrity Solutions, The Member Advantage (TMA) Sales Training Facilitator. He is a graduate of the Credit Union Executive Society (CUES) Lending School, the CUES Advanced Lending School, the University of Lending School, and Integrity Solutions Coaching and TMA programs.
WHAT HAPPENS NOW WITH ALL APPROVALS COMPLETE?
On January 1, 2023, we will become one from a legal standpoint. However, this is not the date on which all the operational processes change; that date would extend into early 2023.
Remote Deposit Capture is Here!
Our mobile banking app allows you to access your accounts, pay bills and make transfers whether we’re open or not! The app works great with both Android and Apple devices. To download, simply search “Rivertown Community Federal Credit Union” in your device’s app store. Get more info on Mobile Banking.
You can now manage ALL of your financial accounts using Simpli-Fi Personal Finance Manager on your Rivertown Online Banking page! Simpli-Fi also allows you to setup account alerts, budgets, manage cashflow, and save toward goals. To begin using Simpli-Fi, just login to your Online Banking page and click on “Personal Finance Management” under the Financial Planning tab.
We changed our Bill Pay system to have a fresh look and feel. New features include Account to Account Transfers (from other financial institutions), Popmoney (the ability to transfer money via email addresses or mobile phone) and E-Bill (capability of having your bill sent right to your Bill Pay with some retailers). Get more info on Bill Pay.
We expanded our Shared Branch Outlet, allowing members from other credit unions to use our locations. This also allows our members to visit other credit unions within Shared Branching when they are not close to our locations. Find a Branch.