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Coastway bank-charter vote scheduled
CRANSTON, R.I. (3/13/09)--Members of Cranston, R.I.-based Coastway CU will vote April 29 on whether to change the credit union's charter to a mutual savings bank charter. About 21,000 members in good standing as of March 31 at the $303.5 million asset credit union will be eligible to vote at the meeting, which begins at 7 p.m. at Crown Plaza Hotel. They also can vote at Coastway's seven branches or by mail after ballots are distributed. Despite the economy's effect on banks, Coastway President/CEO Bill White told the The Warwick Beacon (March 10) the conversion is still being planned. White said the credit union has hit the 12.25% of assets cap on its business loans and a bank charter would eliminate the cap. He said he knows of no organized group of members opposing the conversion but acknowledge some will be opposed to the change.
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