Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Former Coastway CU applies for stock IPO
CRANSTON, R.I. (4/5/12)--Coastway Community Bank, which converted from Coastway CU to a banking charter in 2009, is seeking regulators' approval to form a depositor-governed mutual holding company.

Creating a mutual holding company typically allows banks to shift to stock ownership through an initial public offering (IPO). A Coastway release said the mutual holding company would be a separate legal entity that would own and control the bank as a subsidiary (Providence Business News April 4).

Depositors will vote on Coastway's plan later this month. The reorganization would then become subject to approval by the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Rhode Island Department of Business Regulation.

Coastway stated it intends to use the reorganization to expand financial products and services, expand its capital base and establish relationships with other banks and financial service providers.


RSS print
News Now LiveWire
.@CUNA VP of Econ MIke Schenk featured in Money magazine http://t.co/SC6Shv0lDH
13 hours ago
#NewsNow: @CFPB develops tools for student loan debt relief. http://t.co/a6pOReC86F
13 hours ago
Stephanie Smith has been named as the new executive director of America's #CreditUnion Museum. (2 of 2)
15 hours ago
America's #CreditUnion Museum executive director Peggy Powell is stepping down after 15 years. (1 of 2)
15 hours ago
#NewsNow League presidents raise voices for data breach protection http://t.co/zX1UsvsQP6
16 hours ago