SMITHFIELD, R.I. – Navigant Credit Union here and Dexter CU have agreed to merge. The consolidation will happen April 10, and it is expected that operations will be fully integrated by the end of the year.
The deal is still waiting approval from NCUA and the Rhode Island Department of Business Regulation. The $1.6-billion Navigant will be the continuing credit union. The $96-million Dexter CU is based in Central Falls, R.I.
The addition of Dexter’s two offices will bring Navigant’s branch total to 15 and membership to more than 80,000. The move gives Dexter members access to Navigant’s expanded services, including mobile and online banking, and Navigant’s suite of commercial loans and business services.
“This merger brings together two financial organizations that both trace their roots to supporting the residents and businesses of Central Falls. We’ll now bring Navigant’s unique brand of member service and technology advancements to Dexter’s Central Falls and Scituate members,” said Navigant President and CEO Gary Furtado in a statement. “We’re excited to become part of the Scituate community and demonstrate an even deeper commitment to the city of Central Falls.”
“Even though we have had success in rebuilding our infrastructure and diversifying our delivery system and income stream, it became very apparent that an organization of our size could not obtain the critical mass needed to succeed in this very competitive industry,” said Stephen Angell, president and CEO of Dexter Credit Union. “We feel very confident that becoming part of Navigant Credit Union is in the best interests of our members as it will provide them with a greater breadth and scope of products and services.”