Credit unions reach merger agreement

Credit unions reach merger agreement

PROVIDENCE – Rhode Island Credit Union and Alliance Blackstone Valley Federal Credit Union of Pawtucket have reached a merger agreement subject to the approval of the Alliance Blackstone Valley Federal Credit Union membership and regulatory agencies. The combined institution will operate under the Rhode Island Credit Union name.

With final approval of the merger, Alliance Blackstone Valley Federal Credit Union's $30 million in assets will be assumed by Rhode Island Credit Union. Alliance Blackstone Valley Federal Credit Union has approximately 2,800 members and operates one branch in Pawtucket.

"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," said Rhode Island Credit Union President and CEO David B. Suvall.

"Rhode Island Credit Union fully intends to continue business at the Alliance Blackstone Valley Federal Credit Union location at 594 Central Ave., Pawtucket."

Both credit unions will now seek regulatory approval from the National Credit Union Administration and the Rhode Island Department of Business Regulation. Alliance Blackstone Valley Federal Credit Union will also seek approval from their membership.