The combined, community-based credit union will operate under the River Valley brand. It will now serve members in Butler, Clark, Greene, Miami, Montgomery, Preble and Warren counties.
Lee Spivey, former president and chief executive of FirstDay, said the merger gives River Valley a stronger position in “an increasingly competitive financial environment.” Spivey will now serve as River Valley’s senior vice president of risk management.
River Valley President and CEO John Bowen said the institution will be able to produce products and services at a lower cost by achieving economies of scale.
Bowen said no job cuts are expected among River Valley’s combined 101 employees. “We have plenty of jobs for each employee as they come over,” he said.
Both institutions have been “running a little thin on staff” in anticipation of the merger, which has been in the works for about one year, Bowen said.
FirstDay’s corporate headquarters building at 43 E. Babbitt St. in Dayton will be sold after the merger, which should take six to eight months to complete, Spivey said.
The two credit unions will continue to operate separately until all systems and processes are fully combined. Both credit unions are members of the Shared Branching Network, so teller transactions are immediately available at all eight branch locations for all members.
FirstDay banking cards and checks will be replaced with River Valley items as they expire, Bowen said.
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