SMITHFIELD, R.I. – Navigant CU, the state’s largest credit union, has agreed to acquire Journal Employees’ FCU, a credit union serving employees of the Providence Journal, the state’s daily newspaper.
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Navigant, known until last year as Credit Union of Central Falls, has $1.1 billion in assets, while Journal Employees’ FCU has $5.7 million. The credit union has lost more than 5% of its assets over the past year and had net income of just $6,792 for 2007, after a net of just $9,910 for 2006.
Plans are to dissolve the 52-year-old Journal Employees’ FCU after the merger and close its only office.
