WOONSOCKET and CENTRAL FALLS, R.I. - Park Square CU-the tenth largest credit union in the state-and Credit Union Central Falls-the largest CU in Rhode Island-have announced plans to merge "to create a stronger credit union presence in Northern Rhode Island..." said Maurice Bell, chairman of the board and president of PSCU. Park Square has more than $65 million in assets and has served its 8,000 members in the greater Woonsocket area since 1955. Central Falls is the oldest CU in Rhode Island. It has more than $503 million in assets and serves nearly 34,000 members throughout the Blackstone Valley. The merger is the fifth for Central Falls in recent years. In the past, the credit union has merged with Hindley Manufacturing Employees CU, Allied Aftermarket Employees CU, Equitable CU, and most recently the BVG&E Employees CU. The merger with Park Square is expected to be completed by Oct.1. It still has to be approved by NCUA and the Rhode Island Department of Business Regulation. Both CUs' boards of directors have unanimously approved their intent to merge. The merger also needs the approval of the membership of PSCU. At press time, a date for that meeting hadn't been scheduled.
Two of Rhode Island's largest credit unions to merge
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