REV acquires First Neighborhood Bank
CHARLESTON, SC (September 3, 2024) — REV Federal Credit Union has announced that it has finalized an agreement to acquire West Virginia based First Neighborhood Bank. This marks the credit union’s third expansion in the last 4-years, and its first outside of the Carolinas.
As a Certified Community Development Financial Institution (CDFI), REV is a $1.1B institution serving portions of North Carolina and South Carolina. The partnership with First Neighborhood Bank will allow REV to promote its people over profit philosophy by offering competitive products, personalized service, and a full suite of digital solutions to support the community.
“Our mission is Growth with Purpose,” commented Jason Lee, President & CEO of REV Federal Credit Union. “This purpose is centered around member impact, social impact, economic impact, and ensuring our long-term survivability. Last year, we had an economic impact of $3.6B, donated $136,000, generated over 3,500 volunteer hours, and contributed to the financial well-being of our members. Through this partnership, we want to be actively engaged in the community and create this level of impact in the Mid-Ohio Valley region.”
Dave Righter, CEO of First Neighborhood Bank added, “REV has a proven track record of creating significant impact in the communities it serves. I’m excited to bring its mission of Growth with Purpose to West Virginia and enhance our ability to serve the financial needs of this region.”
Once the purchase is complete, REV will begin welcoming its 7,000+ new members as it transitions First Neighborhood locations into full-service credit union branches. As part of the acquisition, it will also actively engage with local nonprofit organizations through its #UpTheGood Foundation. As a full-service financial institution, REV will promote its consumer and commercial products and pricing to support the financial journey of its new members and the Mid-Ohio Valley region.
McQueen Financial Advisors acted as financial advisor to REV and Honigman LLP served as legal counsel.
About REV
At the heart of the REV brand is its mission of Growth with Purpose, which defines our core beliefs in how we prioritize our members, support the community, and remain dedicated to the principles of putting people over profit. With a proud history dating back to 1955, REV offers competitive consumer and business banking products, services, and educational resources designed to enrich the communities we serve. To learn more about REV and its work in building resilient communities, please visit REVfcu.com.
