Navigant Credit Union of Smithfield, R.I. has agreed to a mergeragreement 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 purchasethis year. In February, Navigant acquired a branch of the $248 million Coventry CU. Thetransaction included the 3,000 members of Coventry's Manvillebranch.

“Our goal is to become the leading community banking partner inRhode Island, and this (Columbus CU) merger is another step towardachieving that goal,” said Navigant CU President/CEO GaryFurtado.

The Columbus CU branches at Warren and Riverside will remainopen and become part of Navigant's 10-branch network. All ofColumbus CU employees will become Navigant CU employees, Navigantsaid in a statement.

Columbus CU, with assets of about $68 million and morethan 6,600 members, reportedly posted a $1 million loss last year.The credit union was founded in 1950 by 37 members of the Knightsof Columbus.

“We're thrilled at the opportunity to serve more members wholive and work in the East Bay, and we're committed to providingthem with the exceptional banking experience for which NavigantCredit Union is known,” said Furtado. Established in 1915, Navigant manages $1.3 billion in assets and serves 53,586members.

The merger, subject to regulatory approval, is expected to befinalized by the end of the year.