Coastway Urges Members to Vote for Bank Charter to Maintain Cooperative Philosophy
Members of the $304 million Coastway Credit Union have received their ballot to vote on whether or not the Warwick, Rhode Island credit union will convert to a mutual bank charter.
In a flyer accompanying the ballot, the credit union told members approving the charter change will "allow Coastway to maintain its cooperative member-focus philosophy."
In a letter to The Valley Breeze, a local paper in the area, Erbin Crowell, a member of the credit union and cooperative organizer urged fellow members to vote down the charter change.
"Luckily, as long as Coastway remains a credit union, you have a say in its operations, Erbin wrote. "You can vote "No" on this proposal to keep our low rates and member-ownership. Together we can save our credit union and the benefits it provides to our communities."
Coastway has scheduled a special meeting to discuss and finalize the charter vote for April 29.