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Take a look at what’s going on at Rivertown Community Federal Credit Union.

  • Exciting News!

    For seventy-three years, Rivertown Community Federal Credit Union has served members and strived to bring value by offering local service, intelligent technology, and access to financial products and services that help members achieve their financial goals.

    On behalf of the Board of Directors and Leadership Team, we are excited to announce our plans to merge with Allegan Credit Union. Merging with Allegan will allow us to continue acting in the best interest of our members by providing a wider range of products and services, more access, more value, and more member and community giveback. Additionally, employees will benefit from being part of a larger organization by having access to additional career development opportunities.

    This merger represents a partnership between two credit unions that are committed to members and the communities they serve. As the financial services landscape continues to evolve, merging with Allegan allows us to enhance what we can offer our members and compete in a highly regulated high-tech environment. This includes the ability to provide a wider range of product and service offerings, as well as access to additional branch locations. This partnership will also allow us to expand our technology offerings, providing greater 24/7 convenience for members.

    As the merger process continues, we will keep members informed of progress, including sharing important notices, dates, and events. If you have any questions that haven’t been addressed in the frequently asked questions below, please email info@rivertowncu.org or contact us by phone at 616.406.2480.

    Please see below for frequently asked questions:

    WHAT DOES THIS ANNOUNCEMENT MEAN?

    This exciting announcement means that Rivertown Community FCU is moving forward with a collaborative merger with Allegan Credit Union.

    WHY IS RIVERTOWN  MERGING?

    A merger with Allegan provides the opportunity to achieve more positive member, employee, and community impact and value. The combined organization builds an even greater institution that is trusted, committed, and forward-thinking.

    As the result of this partnership, we would have the ability to remain competitive and be more responsive to members’ financial needs in a rapidly evolving financial services industry.

    DO BOTH CREDIT UNIONS SUPPORT THIS MERGER?

    Absolutely. Both credit unions are very excited about this merger and the benefits it brings to our members, employees, and our communities.

    WHAT WOULD THIS PARTNERSHIP DO FOR THE ORGANIZATIONS?

    Overall, our combined assets would be approximately $160 million, serving approximately 14,000 members with 5-branches. With an increased physical presence and combined resources, we would be able to better serve our members and our communities.

    WHAT ARE THE ADVANTAGES OF BEING A LARGER CREDIT UNION?

    Becoming a larger credit union with combined assets of approximately $160 million would provide opportunities to leverage resources, position us for growth, and increase efficiencies. This will result in giving back to members in the form of greater access, increased value, enhanced technology and services, and additional community giving.

    WHY WAS ALLEGAN CHOSEN AS OUR MERGER PARTNER?

    We wanted to find a partner that is financially strong, focuses on the member experience, and whose culture is mission-based. Kristopher Lewis has been our President/CEO for over a year now and has demonstrated his leadership and commitment to our culture, our employees, our members, and our communities. Our two organizations have many shared values, a shared President/CEO, and a shared vision for the future. A collaborative partnership with Allegan that will create greater economies of scale and allow us to compete in a highly regulated high-tech environment, best aligns us to serve our members, employees, and communities in the future.

    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 would increase from 2 branches to 5 branches with plans to continue serving our members with the same friendly staff. 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 would 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 would 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 knowledgeable, friendly employees:

    The same friendly staff at our branches would continue to be available to serve you.

    WOULD MY ACCOUNTS BE AFFECTED?

    There would 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.

    WOULD 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.

    WOULD MY ACCOUNTS CONTINUE TO BE INSURED?
    Yes. Credit Union deposits would 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.

    WOULD YOU CLOSE BRANCHES?
    No. There are no plans for any branch closures. This merger would provide the opportunity to expand our branch locations and enhance our digital member experience.

    WOULD I CONTINUE TO GET THE SAME SERVICE AND ATTENTION?
    Yes. Both organizations are committed to providing high levels of service for members and this would continue to be a focus for the combined organization.

    WOULD OUR FIELD OF MEMBERSHIP CHANGE?

    Yes, Allegan has a larger field of membership, which would allow some members who wouldn’t normally qualify for membership to become members.

    WOULD THE CHANGE IN THE FIELD OF MEMBERSHIP AFFECT MY MEMBERSHIP?

    No, you’d still be eligible for membership. Once a member, always a member.

    WOULD ANY EMPLOYEES LOSE THEIR JOBS?

    Both organizations are committed to retaining talented and dedicated employees. The desire is to retain existing staff that want to remain with the organization, and there would be a concerted commitment and effort to do that.

    WHAT WOULD OUR NAME BE?

    We are currently in the process of determining a unified brand. Once legally merged, the existing branches of Rivertown would retain their individual branding and be designated as a “Rivertown Branch”.

    WHERE WOULD THE COMBINED CREDIT UNION’S CORPORATE HEADQUARTERS BE LOCATED?

    Rivertown’s branches would remain open. The current headquarters of Rivertown in Grandville, MI would be the corporate headquarters of the combined organization.

    WHO WOULD 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 IS THE MERGER TIMELINE?

    To complete the merger process, we must receive approval from three sources: our Boards of Directors, our Regulators, and our members. As of the first quarter of 2022, the Boards of both organizations have approved the merger. With this decision made, we are now in the process of getting regulatory approval.

    WHAT WOULD HAPPEN AFTER ALL APPROVALS ARE COMPLETE?
    It is anticipated that all approvals would be complete by January 1, 2023. By this date, we would become one from a legal standpoint. However, this is not the date on which all of the operational processes change, that date would extend into early 2023.

     

New Products

Remote Deposit Capture is Here!

  • Our new 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 devices 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.

Coming Soon: Online account opening.