PROVIDENCE – Rhode Island Credit Union and Alliance Blackstone Valley Federal Credit Union have reached a merger agreement, the credit unions announced Friday.
The merger will be subject to approval from Alliance Blackstone Valley Federal Credit Union membership and regulatory agencies.
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The credit unions would continue to operate under the Rhode Island Credit Union name.
“We are pleased that Rhode Island Credit Union and Alliance Blackstone Valley Federal Credit Union have reached this merger agreement,” stated Rhode Island Credit Union President and CEO David B. Suvall. “We look forward to completing the merger and combining our resources to meet the financial needs of current and future members.”
Rhode Island Credit Union is a $275.9 million financial institution with 26,522 members. The credit union has five branch locations in Rhode Island. Alliance Blackstone is a $30.9 million institution with 2,823 members.
If the merger is approved, Rhode Island Credit Union will assume the $30.9 million in assets under management by Alliance Blackstone.
“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,” added Suvall. “Rhode Island Credit Union fully intends to continue business at the Alliance Blackstone Valley Federal Credit Union location at 594 Central Ave., Pawtucket.”
A spokeswoman for Rhode Island Credit Union told PBN there is no financial agreement between the two credit unions other than the merger of operations.
Alliance Blackstone Valley Federal Credit Union reported a loss of $99,701 in 2018.
While December figures had not been filed for Rhode Island Credit Union as of Friday, according to the PBN Book of Lists 2019, three-quarters into 2018, the credit union reported net income of $1.2 million.
As of the third quarter 2018, Rhode Island Credit Union had $217.2 million in loans and leases, while Alliance Blackstone had $14.3 million.
Rhode Island Credit Union is the sixth-largest credit union in Rhode Island in terms of assets, while Alliance Blackstone is the 12th largest.
Rhode Island Credit Union did not yet have an expectation for when the merger would close. A vote by Alliance Blackstone Valley Federal Credit Union members had not yet been scheduled.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
Correction: Rhode Island Credit Union has $217.2 million in loans and leases.
