SMITHFIELD – Navigant Credit Union announced on Feb. 8 that it is acquiring the Coventry Credit Union branch in the Manville section of Lincoln.
The new branch will join Navigant’s nine other branch offices in northern Rhode Island and will strengthen the credit union’s growing network.
The purchase is subject to the approval of the R.I. Department of Business Regulation and the members of the Manville branch.
“We are very excited about this opportunity to serve more members in the Lincoln area,” said Gary Furtado, Navigant Credit Union president.
The branch will remain open during, and after, the transfer of ownership. Services offered by Navigant Credit Union are similar to those previously offered to the branch’s members by Coventry Credit Union. Navigant Credit Union already operates a Lincoln branch at 185 Front St.
This transition of ownership will have little to no impact on existing Coventry Credit Union members’ ability to access funds or their use of electronic services. All members of the Coventry Credit Union Manville branch will become members of Navigant Credit Union once state regulators approve the purchase. Navigant Credit Union has also said they will renovate the facility.
“CCU has decided to retrench and focus attention on the banking needs of current and future members within Kent County,” said David Root, CEO of Coventry Credit Union. “CCU has had a thirteen year relationship with our Manville branch members; however, our normal base of operations is some 35 miles away. As a result, we have made the difficult decision to close our Manville operations. We are pleased to be able to bring in Navigant to acquire the branch, which will result in there being no disruption of banking services to our members.”