BRATTLEBORO — On Oct. 19 and 21, respectively, the membership of both Members Advantage Community Credit Union and River Valley Credit Union overwhelmingly approved the merger of the two credit unions. The merger was also approved by the state of Vermont and the National Credit Union Administration (NCUA).
According to a news release, the newly-combined credit union will serve the entire state of Vermont as well as Grafton, Sullivan, and Cheshire counties in New Hampshire. It is now a $320-million-plus financial institution, with 10 locations serving more than 30,000 members.
The partnership was originally proposed to both memberships in early July 2020, citing the joining of two like-sized credit unions with similar philosophies and cultures.
All existing staff members have remained employed by the combined credit union.
A new name for the merged credit union, which its leadership says “will represent their heritage and combined values and position them for future growth in the markets served,” is expected to be announced within a few months.
Sean Gammon, formerly the chief executive officer of Members Advantage, continues that role with the newly-combined credit union. Jeff Morse, previously the River Valley CEO, becomes branch administrator and strategy advisor for three years as he transitions to retirement.
River Valley Credit Union, based in Brattleboro, has branches in Putney, Bellows Falls, Townshend, and Springfield. Members Advantage Community Credit Union, based in Barre, also has branches in South Burlington, Springfield, White River Junction, and Windsor.