Officially, two Rhode Island credit unions calling off a planned merger this year have cited "bad timing" but deep financial problems and a management switch at one of the parties now figure as the cause for the collapse of negotiations, it was reported Tuesday.
The two CUs, the $39 million Alliance Blackstone Valley FCU of Pawtucket and the $42 million Blackstone River FCU of Woonsocket, had begun talks in January leading to a consolidation of the two teacher-based CUs.
That was until September when Alliance, which lost $1.4 million in 2010, also saw the exit of its former president/CEO, Joseph J. Cicione, replaced by a retired CU consultant, Andy Baumann, recruited in the past for NCUA turnarounds.
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