Eyeing scale, Pittsburgh credit unions agree to merger
Two Pittsburgh-based institutions are set to join forces to create western Pennsylvania’s third-largest credit union.
Members of Riverset Credit Union must vote by the end of July on whether to merge into Allegent Community Federal Credit Union. The deal is expected to provide increased branch access, enhanced technology, and new products and services for Riverset members.
Riverset holds $114 million in assets and serves about 10,000 members, while Allegent Community serves about 15,000 members with $142 million in assets. Membership at both institutions is currently open to anyone who lives, works, worships or attends school in Allegheny, Butler or Beaver counties.
The merger is expected to be completed by Oct. 1 and the combined institution will operate under the Allegent Community banner with Allegant CEO Angelo Lucatorto leading the organization. Full integration is expected to be completed by Feb. 1. State and federal regulators have already signed off on the deal, according to an FAQ on Riverset’s website. All Riverset employees are said to be retaining their positions.
“Very simply, we want to bring our members the best value from their credit union while ensuring we continue to grow and thrive,” Riverset said in the FAQ. “Partnering with another established credit union will significantly increase operating efficiencies so we have the resources to deliver more to our members.”
Riverset CU earned about $48,000 during the first three months of the year, down about 44% from the first quarter of 2019. Allegent Community’s income for the first quarter was about $106,000, roughly four times what it posted during the same period last year.