When will the merger become effective?
The two organizations, Riverset Credit Union and Allegent Community Federal Credit Union, will work closely together to complete the legal implementation on October 1, 2020.
Are we changing the name of our credit union?
Yes. We will begin to use the Allegent Community Federal Credit Union name on October 1, 2020.
What is the merger process and timeline?
Our regulators, the National Credit Union Administration (NCUA), PA Dept. of Banking & Securities (PADoBS), and both Boards of Directors for each credit union have approved our merger plans. With member support of the merger through the voting process, we anticipate that our first legal day as a combined organization will be October 1, 2020, and we will integrate the systems of our credit unions on February 1, 2021.
Why bring the two credit unions together?
Very simply, we want to bring our members the best value from their credit union while ensuring we continue to grow and thrive. Partnering with another established credit union will significantly increase operating efficiencies so we have the resources to deliver more to our members. By bringing these two organizations together, it will be providing you, our members, access to an array of additional product and service offerings, (4) additional full-service branch locations, competitive loan and deposit rates, and enhanced technology.
Why are we electing to merge now?
As the financial industry landscape continues to evolve and become ever more competitive, the ability to offer more to your membership and remain competitive is increasingly important. By merging two healthy credit unions into one larger organization, we will become the third largest credit union in Western Pennsylvania. This, in turn, provides us with the resources and ability to not only provide our members with the products and services they deserve, but also position ourselves for continued membership growth within our community.
Who is Allegent Community Federal Credit Union?
Like us, Allegent Community Federal Credit Union is a healthy credit union and is looking to expand in the best strategic way possible. Founded in 1935 as Allegheny County (PA) U.S. Government Employees Federal Credit Union to serve local government employees, Allegent is a financially strong credit union with assets of $142 million and 14,920 members. Allegent Community Federal Credit Union is federally insured with 4 branches serving members in Allegheny, Beaver, and Butler counties. Most importantly, they share our values and commitment to serving members.
How will members benefit from this merger?
The merger will provide increased capital, financial strength, and long-term sustainability. This merger will also provide the resources to continue to improve your banking experience through added branches in Wexford, Penn Hills, Downtown, and Cranberry Township. The credit union will strive to offer the latest online and mobile technologies, new products and services, and competitive rates. While nothing will change until regulatory and member approvals are received, this partnership will allow us to better anticipate and meet all your financial needs.
How will my loyalty dividend be distributed?
It will be distributed to all eligible members in the same manner as other dividends and in accordance with NCUA requirements.
What are the advantages of a larger organization?
A larger deposit and capital base means expenses are spread over a larger member base, which will:
The economies of scale advantages will give us the resources to better serve our members, make infrastructure and technology investments, and become more competitive.
Will you add any new fees, or will I have to pay more because of the merger?
We are taking a close look at the products and services, rates, and fees of both organizations. We are committed to bringing the best of both credit unions to our members.
Will my member number or account number change?
We will be providing you with timely updated information regarding any modifications to your member number and account number, if applicable.
Will my Debit/ATM card, credit card, and checks continue to work?
Yes. You will be able to continue to use your current Debit/ATM card, credit card, and checks during this process. However, we will be providing you with updated information concerning your cards and checks in the future.
Can I still use the PNC ATM network surcharge free?
Yes. The PNC ATM network will continue to be supported.
Can I still apply for a loan during this process?
Yes. All the current channels for loan applications will continue to be supported.
Will the Branch hours change?
Branch hours will be continually evaluated based on business need and the current environment. However, you will have access to four additional branch locations. Additionally, you will continue to have access to Shared Branching, and to all electronic channels and services to which you have become accustomed.
Will I be able to continue to use my current online and mobile banking?
Yes. Your current online and mobile banking access with continue to be supported. Any changes or updates to this process or access will be provided to you in the future.
How will this impact the employees of Riverset Credit Union?
Riverset’s employees are being retained by Allegent Community Federal Credit Union.
Can I use Allegent Community Federal Credit Union Branches now?
Riverset members will be able to use Allegent Community Federal Credit Union branches on the first legal day as a combined organization.