Member Vote Confirms Merger of Lighthouse and Rivermark Community Credit Unions
The combined organization will serve more than 86,000 members in Oregon and Southwest Washington.
The members of Lighthouse Community Credit Union, based in Vancouver, Washington, voted by an overwhelming majority to merge with Rivermark Community Credit Union, headquartered in Beaverton, Oregon.
The May 27 vote was the final step for merger approval, having already been approved by state and federal regulators, as well as both credit unions’ boards of directors. The merger took effect June 1.
“Our credit unions have so much in common,” said Lighthouse President and CFO, 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, members will have access to nine branch locations across Oregon and Southwest Washington, as well as expanded online banking, mortgage, and business services.
The credit union was originally formed by 140 grocery store employees in 1951 and was known as Safeway Portland Employees Federal Credit Union. In 2004, it was approved for a community charter and changed its name to Rivermark Community Credit Union. Today, it serves more than 85,000 members.
Lighthouse was organized in 1953 by paper mill employees and has been serving 1,800 members.
The credit union has a single branch, located at 1910 West Fourth Plain Boulevard in Vancouver, that will remain open. When the merger is complete, the more than 3,000 Rivermark members who live in the Vancouver area will benefit from access to that branch.
“We are excited to welcome Lighthouse members to the Rivermark family,” said Seth Schaefer, President and CEO of Rivermark. “Our credit unions share a commitment to financial empowerment and to local, accessible, and personalized financial solutions.”
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