Bill White, CEO of the $304 million Coastway Credit Union says the credit union faces no organized opposition among its members to the proposal that it change to a mutual bank and argued that the credit union should make the charter change to be able to do more business lending.
White made his comments in March 10 article in the Warwick Beacon, a local paper serving Warwick, Rhode Island. The credit union is headquartered in nearby Cranston, Rhode Island.
The credit union, which is already a recognized business lender in the community, stands ready to make more business loans but is already at the legally mandated 12.25% of its assets, according to White. As of the end of 2008, the credit union's call report shows Coastway had 379 business loans to members worth roughly $36.4 million.
Members will receive ballots to vote on the conversion in the last round of disclosure notifications and the CU has scheduled the member meeting on the conversion proposal for April 29.