Citing a "strength in numbers" strategy, two Rhode Island credit unions, the $44 million Alliance Blackstone Valley FCU and the $43 million Blackstone River FCU have won NCUA clearance to merge effective Sept. 30.
"Our boards felt that in this kind of challenging economy and with the many compliance hurdles coming our way, our best strategy for two healthy credit unions was to combine," explained Joseph J. Cicione III, president/CEO of Alliance Blackstone Valley of Pawtucket.
Discussions on a merger with Blackstone River of Woonsocket began in earnest last December though the concept has been considered for some time, said Cicione who becomes head of the combined three-branch CU. James Wood, CEO of Blackstone River will become executive vice president.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
