CRANSTON — It’s official: Coastway Credit Union is no more.
It’s now Coastway Community Bank, as of July 1. The switch — the first in Rhode Island, the bank says — was marked by a ribbon-cutting at Coastway’s Cranston branch on Reservoir Avenue.
On that day, the Federal Deposit Insurance Corp. began insuring deposits, and Coastway executives say they now will be able to focus more on small business lending because they no longer have to abide by the lending regulations that limit not-for-profit credit unions.
In April, members of the Coastway Credit Union voted overwhelmingly to approve the 89-year-old institution’s conversion to a member-owned mutual savings bank. Unlike a publicly traded bank, a mutual savings bank is operated by and for the benefit of its depositors, with profits distributed back to them.
Established in 1920, Coastway Community Bank is a $300 million, full-service financial institution headquartered in Cranston with 28,000 members and seven branches. Additional information is available at www.coastway.com.
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