Francis Jamiel was so frustrated that the bank his Rhode Island shoe store had done business with for 30 years turned down his refinance request, he moved all of his accounts to Coastway Credit Union.
Founded in 1937, Jamiel's Shoe World had fallen on hard times two years ago and was forced to close one of its stores. Jamiel wanted to refinance through Citizens Bank, which had approved a $600,000 loan for the store a decade ago; the bank rejected the application.
"We've been in business for 72 years, we've never missed a payment, I thought it was a no brainer," Jamiel said.
Jamiel was turned down by ten banks before someone suggested Coastway. The $300 million CU recently approved a $400,000 SBA loan with a 90% guarantee. He has since moved all of his accounts-payroll, credit card servicing, business checking and personal checking accounts to Coastway. Even though the CU is attempting to convert to a mutual bank, Jamiel said he will continue the relationship.
"From what I'm told, the credit union can only lend out a certain amount," Jamiel said. They were the only one who stepped in and saved us."
Coastway CU has not returned several calls but President/CEO William White did tell a local newspaper "it's still about the people."
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