Citing a "strength in numbers" strategy, two Rhode Island credit unions, the $44 million Alliance Blackstone Valley FCU and the $43 million Blackstone River FCU have won NCUA clearance to merge effective Sept. 30.
"Our boards felt that in this kind of challenging economy and with the many compliance hurdles coming our way, our best strategy for two healthy credit unions was to combine," explained Joseph J. Cicione III, president/CEO of Alliance Blackstone Valley of Pawtucket.
Discussions on a merger with Blackstone River of Woonsocket began in earnest last December though the concept has been considered for some time, said Cicione who becomes head of the combined three-branch CU. James Wood, CEO of Blackstone River will become executive vice president.
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