Citing competition from both banks and larger credit unions, the $64 million Valleystone Credit Union of Wilbraham, Mass. is opting for a merger, now approved by NCUA, with the $415 Polish National CU of Chicopee, Mass.
In a message to its 4,700 members, the president/CEO of ValleyStone, James P. Nagy, said it found the regulatory climate too challenging to continue.
"Your board felt that now was the time to act when were able to negotiate from a position of strength to provide members with a strong financially vibrant credit union in the future," wrote Nagy.
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