WARWICK – Cottrell Federal Credit Union, a small Westerly credit union with $3.05 million in assets, is merging into Warwick-based Wave Federal Credit Union, executives at both institutions said on Tuesday.
The merger, set to take place by April 30, was approved by Wave’s board of directors and Cottrell’s board and its members. The merged credit unions will do business under the Wave Credit Union.
The move will mark the second time in about three years that Wave – which has $107.26 million in assets – will absorb another credit union. In 2008, Wave entered into a similar arrangement with the former Anchor Credit Union.
Executives said the merger will not lead to layoffs. The combined institution will have offices in Warwick, Pawtucket and at Cottrell’s location in Westerly.
“When we began searching for a merger partner, key factors in making the decision included finding a credit union that closely matched our commitment to member service, would be responsive to the Westerly area, and could offer our members increased services,” Cottrell’s Chairman Brent Burdick said in a statement. “Wave filled the bill perfectly.”
Combining the two credit unions “provides our new Cottrell members access to a full range of financial services and benefits…,” said Paul Archambault, Wave’s president and CEO. “For Wave, it helps ensure our membership maintains financial stability along with access to the latest banking services and a stronger, well-established position throughout Rhode Island now including Westerly and Charlestown.”
Wave was founded in 1938 as Narragansett Electric Credit Union serving employees of the electric company. The name was changed to Wave in 2001 preparing for the future, executive said. In 2003, Hasbro Employees Federal Credit Union merged into Wave.
As of Dec. 31, Wave had 7,364 members, according to National Credit Union Administration data. Cottrell had 779 members.
