PAWTUCKET, R.I. – Two credit unions here with similar names have cancelled plans to merge.
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In September, Alliance Blackstone Valley FCU and Blackstone River CU said they would combine their operations. But now the two credit unions said the deal will not proceed, with the credit unions telling local media that the “timing just didn’t seem to be good.”
While no other reasons were cited, Joseph J. Cicione, who was CEO at Alliance Blackstone Valley at the time the merger was announced, has since left the organization. Robert DaSilva, formerly of Massachusetts Chelsea Bank, has been named the new CEO. Both credit unions serve similar education-based FOMs, and indicated the merger may proceed in the future.
