In the letter, White boasted that the conversion has been a huge success and that the switch represents “an overwhelming vote of confidence” in management's decision to make the change.

“Since the conversion, business loans have increased by 58%, from $71 million to $112 million,” wrote White.

“We've written 1,800 mortgages totaling $357 million, 270 commercial loans for local business totaling $91 million and assets, capital and savings have increased by 11%,” said White.

“Clearly,” he continued, “the conversion has been a success and now Coastway has reached another milestone” in a pursuit to provide business lending clout.

The holding company structure also would help the $324 million Coastway “maintain our independence,” in a reference that was not entirely clear. Efforts by Credit Union Times to contact White for elaboration were unsuccessful.

The Coastway head, however, said the holding company formation governed by Coastway depositors would allow the bank to gain new strength in the financial arena “without sacrificing our independence, our identity, our proud history, our local and long term focus.”

Or more importantly, he wrote, “our mutual ownership structure.”

In a press statement distributed to Providence media, the bank said it has filed its holding company application with the Federal Reserve Board, the FDIC and the Rhode Island Department of Business Regulation.