Alliance Blackstone Valley Federal Credit Union is set to merge into Rhode Island CU, pending approvals from ABV FCU membership and federal and state regulators.
On Friday, Jan. 25, the two credit unions announced their intention to merge, releasing a statement with details on the proposal, including plans to operate the combined institution under the Rhode Island CU name.
David Suvall, president and CEO of Rhode Island CU, said the post-merger plan is to continue to operate ABV FCU’s Pawtucket branch as a branch of Rhode Island CU.
“We look forward to completing the merger and combining our resources to meet the financial needs of current and future members. Upon completion of the merger, Alliance Blackstone Valley Federal Credit Union members will enjoy added convenience at our five statewide branches and ATM locations, access to a nationwide network of surcharge-free ATMs, and a host of free online and mobile banking services,” Suvall said in a statement.
Alliance Blackstone Valley FCU is a $30 million-asset institution serving its 2,800 members from one branch in Pawtucket, R.I. It was chartered in 1948. Its members live, work, worship or attend school in nine Rhode Island cities.
Rhode Island CU is a $275 million-asset institution headquartered in Providence, R.I. It was chartered in 1946. Membership is open to anyone who lives or works in Rhode Island or within 50 miles of the Rhode Island border.
According to NCUA call report data, Rhode Island Credit Union earned $1,223,487 in the first nine months of 2018. As of Sept. 30, 2018, its net worth ratio was 10.69 percent (“well capitalized”).
Through the end of Q3 2018, Rhode Island CU reported 15,084 loans and leases for a total of $217,185,589. Year-to-date it had granted 2,730 loans totaling $64,149,605.
Alliance Blackstone Valley Federal Credit Union reported a loss of $99,701 in 2018. As of Dec. 31, 2018, its net worth ratio was 7.50 percent (“well capitalized”).
Through the end of Q4 2018, Alliance Blackstone Valley FCU held 976 loans and leases for $13,661,906. Last year it granted 211 loans totaling $3,957,265.
