Citing competition from both banks and larger credit unions, the$64 million Valleystone Credit Union of Wilbraham, Mass. is optingfor a merger, now approved by NCUA, with the $415 Polish NationalCU of Chicopee, Mass.
In a message to its 4,700 members, the president/CEO ofValleyStone, James P. Nagy, said it found the regulatory climatetoo challenging to continue.
“Your board felt that now was the time to act when were able tonegotiate from a position of strength to provide members with astrong financially vibrant credit union in the future,” wroteNagy.
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