CRANSTON, R.I. – Members of Coastway CU, the state’s fourth largest credit union, voted overwhelmingly in favor of converting to a mutual savings bank.
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The 89-year-old credit union said 78% of voting members favored the charter switch for the $300 million credit union.
More than 6,000 members – or 27% of the credit union membership – cast ballots, Coastway said.
The vote is subject to final certification by NCUA, and the conversion must approved by the R.I. Department of Business Regulation and the FDIC.
Coastway reported a $1.1 million loss for 2008 and a $126,847 operating loss for the first quarter of 2009.
