TOGETHER, WE ARE REV!

Merger Steps

Board ApprovalRegulatory ApprovalMember VoteMerger Completion
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Dear Riegelwood Member,

We have an unprecedented opportunity to re-position ourselves in a way that will benefit our members, employees and the communities we serve. In order to assure the future of this organization, the Riegelwood Board of Directors has unanimously voted in favor of a merger with REV Federal Credit Union. To finalize the process, we need your help by voting YES to a partnership with REV. As a full service financial institution, REV will provide the resources we need to assist you through every phase of your life journey.

By voting YES, you’re not only guaranteeing that Riegelwood Federal Credit Union has a future, you’re also allowing us to partner with an organization that is invested in the community. Through this merger, Riegelwood members will have access to stronger products and services and a more robust suite of digital enhancements to conduct your banking needs. The benefits to this proposed merger are overwhelmingly positive, please vote YES.

Chad Gore

Chairman of the Board
Riegelwood Federal Credit Union

Benefits

REV is Digital First

With REV Digital Banking, you have 24/7 account access. Check Balances, Apply for Loans, Transfer Funds and Deposit Checks with the press of a button.

Same locations, same friendly employees

By growing our branch network to 15 full-service locations, we’re positioned to better serve members across the Carolinas.

Apply for loans online

REV’s online mortgage and auto loan applications make financing those big purchases easier than ever.

Call center advantage

Need a little extra attention? REV’s call center is available Monday – Friday to assist members.

FAQs

ALL FAQs

As a small credit union, Riegelwood struggles to meet the increasing regulatory requirements placed on financial institutions. Additionally, Riegelwood has continually encountered difficulty attracting new members and business which has limited the credit union’s ability to grow. REV’s organizational values, financial strength and proven track record of community giveback make it the perfect partner.

REV Federal Credit Union is a $750M financial institution that has been proudly serving members since 1955. With a passion for building healthy communities, REV is an active community partner that regularly gives back through its philanthropic donations and employee volunteering initiatives.

As a full service credit union, REV has the resources to offer Riegelwood members more comprehensive digital account options including loan applications and deposit account options in addition to stronger products and services to include:

  • Low rates on Auto, Mortgage, Personal, and Commercial Loans (Autos as low as 1.75% APR)
  • High yield checking account options (currently 1% APY) with free ATM access
  • Access to digital banking with free BillPay, mobile deposit, and direct payments
  • Access to Retirement & Investment services
  • Access to a full service Contact Center to support your banking needs

As a full-service financial institution, REV will enhance the way Riegelwood is able to help members by providing competitive products and services for every stage of their financial journey. Immediate enhancements include online loan application capabilities, a more robust Online & Mobile Banking platform, call center and enhanced branch network across the Carolinas. By voting YES, members will also gain access to a wider range of loan products, lower loan rates and high yielding checking accounts with free ATM access.

REV’s President, Jason Lee, will lead the combined organization.

As a full-service financial institution, REV will offer an enhanced suite of products and services beyond what Riegelwood is able to provide in order to help members through every phase of their financial journey.

Once the merger is finalized, Riegelwood accounts will transition into a REV account. As part of the transition Riegelwood members will receive detailed information that will include enhancements to debit and credit cards. A robust digital banking platform will also become available.. Until that time, members should conduct business as usual with Riegelwood.

Yes. Riegelwood members will be issued a new member number once their accounts are migrated to REV. Additional communications will be sent to the Riegelwood membership regarding new account details once the merger is finalized.

Yes. Once the merger has been finalized, the new routing number will become #253278362. Until then, Riegelwood members should continue using the current routing number.

Yes. Once the merger is finalized, Riegelwood members will begin receiving new REV branded debit & credit cards. Until then, continue using the current Riegelwood branded cards.

No. Riegelwood members may continue using their current checks. Once depleted, members may reach out to REV to obtain new checks.

Yes. Riegelwood members will be required to re-register for Online Banking to access their new REV account. Once the merger is finalized, additional communications will be sent out with details on how to sign-up.

Yes. REV offers a mobile app that will provide Riegelwood members with 24/7 account access. Once you’re set-up on REV Online Banking, the app is available for download on Google Play and the Apple App Store.

Once Riegelwood accounts have been transitioned to REV, members will need to update automatic payment details with the new account and routing number. Until then, scheduled payments using Riegelwood account details will continue to process as normal.

Yes. Both REV and Riegelwood are committed to providing the membership with high levels of service, and the members will continue to see their favorite Riegelwood team members where they work today.

No, the Leland and Riegelwood Branch locations will remain open to serve the members.

Riegelwood members will have access to a full service Contact Center and modified branch hours will be introduced.

Branch Hours:

Monday – Thursday: 9:00 a.m. – 5:00 p.m.

Friday: 9:00 a.m. – 5:00 p.m. (Drive-thru will be open until 5:30 p.m.)

Contact Center Hours:

Monday – Friday: 8:00 a.m. – 7:00 p.m.

24/7 after hours card support will become available once the merger is finalized.

Yes, Riegelwood accounts will remain insured up to $250,000 by the NCUA in full faith and credit of the United States Government. REV will also provide Excess Share Insurance (ESI) insuring funds up to an additional $250,000.

The rates on existing loans and certificates will remain the same until the end of their respective terms. All other deposit account rates are subject to change.

Yes. Once the merger is finalized, all Riegelwood locations will transition to REV Federal Credit Union.

Riegelwood employees will transition into REV team members.

There will be expenses to complete the merger, but REV is carefully managing those costs. Upon consolidation, Riegelwood will gain efficiencies that will result in cost savings and ultimately more member value.

Riegelwood members can place their vote anytime between [Insert Date]. Ballots should be mailed back to the P.O. box listed in the letter via the pre-paid envelope provided. Members wishing to place their vote in person are welcome to do so at the [Insert Date/Town Hall Location].

The Town Hall meeting will be held on [Insert Date/Time] at the Riegelwood Branch Location.

Once the membership vote is finalized, REV will begin the process of transitioning Riegelwood accounts. Expect communications providing details and documentation pertinent to your new REV accounts. REV team members will be reaching out to Riegelwood members to walk them through the transition process.

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