Coastway CU Now A Bank

Credit Union Journal | Wednesday, July 1, 2009

CRANSTON, R.I. – Coastway CU ends 89 years as a credit union today when it becomes a mutual savings bank.

An overwhelming majority Coastway members approved of the conversion to a mutual bank in April. The $300 million credit union, the state’s fourth largest, plans to use its new charter to expand its business lending, limited to just 12.25% of assets as a credit union.

The credit union was chartered in 1920 as Telephone Workers CU.