The former Rhode Island credit union, which converted to the $357 million Coastway Community Bank in 2009, is moving ahead with forming a mutual holding company, raising speculation it might eventually lead to a stock structure.
Touting its newfound loan success, the president/CEO of the Cranston bank, William White, said a holding company format would permit the bank to greatly expand its statewide financial base.
In a notice filed with state and federal regulators, White said that the conversion from Coastway Credit Union has been a huge success and that the switch represents "an overwhelming vote of confidence" in management's decision to make the change.
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.
