Navigant Credit Union of Smithfield, R.I. has agreed to a merger agreement to purchase Columbus Credit Union of nearby Warren, R.I.
Financial terms of the agreement were not disclosed Wednesday. This merger marks Navigant's second credit union purchase this year. In February, Navigant acquired a branch of the $248 million Coventry CU. The transaction included the 3,000 members of Coventry's Manville branch.
“Our goal is to become the leading community banking partner in Rhode Island, and this (Columbus CU) merger is another step toward achieving that goal,” said Navigant CU President/CEO Gary Furtado.
The Columbus CU branches at Warren and Riverside will remain open and become part of Navigant's 10-branch network. All of Columbus CU employees will become Navigant CU employees, Navigant said in a statement.
Columbus CU, with assets of about $68 million and more than 6,600 members, reportedly posted a $1 million loss last year. The credit union was founded in 1950 by 37 members of the Knights of Columbus.
“We're thrilled at the opportunity to serve more members who live and work in the East Bay, and we're committed to providing them with the exceptional banking experience for which Navigant Credit Union is known,” said Furtado. Established in 1915, Navigant manages $1.3 billion in assets and serves 53,586 members.
The merger, subject to regulatory approval, is expected to be finalized by the end of the year.
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