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.
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.
