FirstDay and River Valley Credit Union Merge
Miamisburg, OH (April 1, 2014) --- River Valley Credit Union is pleased to announce that it has merged with FirstDay Federal Credit Union of Dayton, Ohio, effective today. This strategic merger, recommended by both Boards of Directors, will expand the River Valley footprint to the north and provide the 28,000 combined membership with eight convenient branch locations. Total assets after the merger top $310 million, making River Valley the third largest credit union in the Greater Miami Valley Region.
“This union of two strong financial institutions fits perfectly with our long term strategic plan that includes achieving economies of scale through controlled, profitable growth,” according to John E. Bowen, CEO & President of River Valley Credit Union. “By combining the talent of both organizations, River Valley Credit Union will be poised for success well into the future, allowing for continued growth and opportunities afforded larger institutions.”
Lee Spivey, former CEO & President of FirstDay Federal Credit Union, concurred that this will be a good fit for both credit unions. “After months of careful analysis and due diligence, both boards have agreed that this will help prepare the larger River Valley for the future and its continued ability to bring a complete portfolio of innovative financial products and exceptional service to its current and future membership.” Spivey will now serve as Senior Vice President of Risk Management for the newly combined cooperative. Through this merger, all employees of both organizations will continue employment under the new River Valley Credit Union umbrella.
The combined community-based credit union will now serve seven (7) counties of Ohio: Butler, Clark, Greene, Miami, Montgomery, Preble and Warren.
For the initial period, the two credit unions will continue to operate separately until all systems and processes are fully combined, projected to occur later this year. Both credit unions are members of the Shared Branching Network, so teller transactions are immediately available at all 8 branch locations for all members.
River Valley Credit Union will continue to be federally insured by the National Credit Union Administration (NCUA) Insurance fund.
FirstDay Federal Credit Union was founded in 1935 as the Dayton Area Teachers Federal Credit Union to serve educators in and around the Dayton area Public School District. The five offices have 37 employees that serve over 8,000 members.
- DAYTON Corporate Headquarters
- DAYTON near Downtown
- KETTERING at Town & Country
- HUBER HEIGHTS near Chambersburg Road
- TROTWOOD near Hara Arena
River Valley Credit Union was founded in 1948 as Daymon Federal Credit Union to serve “The Mound” employees of Monsanto in Miamisburg, Ohio. Currently, five offices employ 64 and serve over 20,000 members.
- MIAMISBURG Corporate Headquarters
- WEST CARROLLTON near Dayton Mall
- BEAVERCREEK near The Greene
- SPRINGBORO Route 73 @ 741
- MIDDLETOWN across from Jacot Park
505 Earl Boulevard • Miamisburg, OH 45342 • 1-800-798-0217 • www.rivervalleycu.org
Combined Statement of Financial Condition
It has come to our attention that the Combined Statement of Financial Condition was omitted from a ballot that was mailed to members recently. You can find a copy of that statement here.
Important information pertaining to Excess Share Insurance
Effective March 31, 2014, the excess deposit insurance provided by Excess Share Insurance Corporation will no longer be available. Please read the letter from former FirstDay Federal Credit Union CEO and President Lee Spivey and the brochure from the National Credit Union Administration.