Coastway Credit Union

The History of Coastway

When you put money in a credit union, you're not just a depositor or an account number, you're a Member. Since Coastway opened, we've treated our Members as special people.

Coastway Credit Union is truly Rhode Island's Credit Union. In fact, among more than 14,000 Credit Unions in the United States, Coastway stands as the fourth oldest continuously operating Credit Union in the United States. We've been serving Rhode Islanders for a long time.

Founded in 1920 as "Telephone Workers' Credit Union," Coastway was originally created as a member owned, not-for-profit financial institution to serve the financial needs of telephone company employees. Seven years later, in an effort to provide additional services, the Telephone Workers' Savings and Loan was founded.

Quick Facts About Coastway Credit Union...

As of December 31, 2007

Total Assets: $302,711,330

Membership: 25,583

Total Loans: $239,094,374

Total Employees: 117

The two financial institutions continued to operate autonomously until finally merging in 1973. Consolidating portfolios, boards, and operations, the merger was the first combination of its kind in the U.S.

Originally located in the Telephone Building on Washington Street, "Telephone Workers' Credit Union" moved into its newly constructed building at 10 Greene Street in downtown Providence in 1975. At that time, it held assets of more than $28 million.

In the years that followed, Coastway continued to enroll new Affiliated Member Groups. In 1989, with such a diversified membership base, the Credit Union board decided to drop the "Telephone Workers'" name in favor of a new name - Coastway Credit Union.

Meanwhile, just down the road in Warwick, another Credit Union had opened in 1954. Warwick Credit Union also grew steadily by paying attention to Members' needs. Along the way, Warwick Credit Union changed its name to Ocean State Community Credit Union and was recognized as one of America's best-managed financial institutions - reaching assets of $82 million in 1999.

By the end of 1999, both CCU and OSCCU had grown into viable, Member-driven financial institutions with complementary locations covering Providence and many surrounding communities. The boards of the two Credit Unions recognized the benefits of combining their efforts and expanding their Member service capabilities. So, early in 2000, OSCCU joined Coastway Credit Union to create one great institution.

And that's why people think of us as "Rhode Island's Credit Union."

Enjoy the Benefits of Belonging

If you are a credit union Member, you probably recognize the benefits of belonging to a unique financial institution. If not, let us tell you what you're missing. Nearly one in four Americans belongs to a credit union. That's more than 60 million people. They appreciate the essential elements that make their credit union different.

Perhaps you thought that because credit unions provide many of the same services as a bank, savings and loan, or any other financial institution, that our only difference is the name. But while there are many similarities, Coastway’s philosophy truly sets us apart. Consider this:

You're a valued Member, not just an account number.
We are owned and governed by our Members.
We are first in consumer service.
We offer competitive rates.
Your deposits are Federally insured by the National Credit Union Administration.