SOUTH KINGSTOWN – Navigant Credit Union is eyeing a southern expansion, and has filed regulatory papers to assume control of a new branch in South Kingstown.
The branch, in the village of Wakefield, would become Navigant’s first in the southern part of the state known as South County.
The Smithfield-based credit union together with Chartway Federal Credit Union have submitted a proposal to the R.I. Department of Business Regulation and the National Credit Union Administration, which would allow Chartway to spinoff the branch and its members to Navigant.
Chartway, a federal credit union with $2.1 billion in assets, has only the Wakefield branch in Rhode Island, and says it’s looking to spend more focus on its core markets in Virginia, Utah and Texas.
“Chartway cares deeply about all of our markets, and determined that Navigant’s large footprint would provide enhanced value to our 3,200 members residing in Rhode Island, as well as the local team that serves them,” said Brian Schools, Chartway president and CEO, in a statement.
In addition to regulatory approval, Chartway’s Rhode Island members must approve the deal. The credit union said its members would receive a ballot package in the mail, and votes can be cast by mail or at a special meeting held at the Wakefield branch.
The new branch would add to Navigant’s footprint, which has grown southward from its headquarters in the northern part of the state.
“Consumer demand for the Navigant Credit Union presence in South County has grown over the last years,” said Gary Furtado, president and CEO. “By way of our agreement with Chartway, we’ve now found the right opportunity to bring our unique brand of customer service and top-notch banking products to Southern Rhode Islanders.”
Navigant, with $1.8 billion in assets, serves about 81,000 members. The deal would result in the transfer of the branch, its assets and its members to Navigant.
Pending approvals, the deal could be competed this year.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
