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
Strong biz lending leads 3Q loan growth at Minn. #creditunions http://t.co/DKYjyj6iC3
42 minutes ago
.@FAACreditUnion named a top Okla workplace by @TheOklahoman via @Cornerstone_CUL http://t.co/qQP1zpxJrO
1 hours ago
NY @NYGovCuomo signs historic FOM law @NYCUAtweets http://t.co/NMTlgkpYqs
2 hours ago
Shop for Miracles day nets $450K for CUs for Kids #NewsNow #System http://t.co/N809BLkzGP
2 hours ago
2 Calif. #creditunions on why the #IOLTA reg relief bill is important. See #NewsNow http://t.co/TvBTGR3qed
2 hours ago