CRANSTON, R.I. – Depositors of Coastway Community Bank, known until three years ago as Coastway CU, have approved the conversion of the former credit union to a mutual holding company, which will enable the $310-million bank to sell stock to the public.
“The formation of a mutual holding company will give us the capacity to further expand the financial products and services Coastway offers, expand our capital base and establish relationships with other banks and financial service providers,” said Bill White, president of the 92-year-old institution.
“We believe the formation of a mutual holding company is the next logical step in Coastway’s evolution as a strong, vibrant financial institution that serves its depositors and its community,” White said. “We are confident this will be another milestone in our pursuit of our paramount business goal – to help our members become more successful.”
