About 80% of the members who cast ballots in the $300 million Coastway charter change election voted in favor of changing the CU to a mutual bank, according to a story in the Providence Journal.
Coastway CEO Bill White said the roughly 6,000 members, or roughly a quarter of Coastway's nearly 25,000 members took part in the vote that culminated on April 29. He reiterated the need to be able to offer more small business loans as the reason to make the charter jump.
The FDIC has not yet approved the merger. In the recent past, the bank insurer has declined to approve credit union to bank charter changes.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
