Updated July 31 at 5:31pm

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banking

Local credit unions call off merger

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PAWTUCKET – Two of Rhode Island’s credit unions were scheduled to merge in September – aiming to leverage their resources amidst a competitive banking market - but that was called off shortly before the deal was about to go through as one of the CEOs was replaced for undisclosed reasons.

The Alliance Blackstone Valley Federal Credit Union and the Blackstone River Credit Union decided that the “timing just didn’t seem to be good … It’s not that there’s animosity or anything like that,” said Alliance Acting CEO Andy Baumann.

Baumann has been acting as CEO for about three months, replacing Joseph J. Cicione III, who talked to Providence Business News about plans for the merger in June.

Baumann declined to say why Cicione is no longer employed at the credit union.

He added that the two entities may revisit the merger once Alliance’s permanent CEO is in place.

“Both started as teachers’ credit unions, so there’s a lot of commonality in the core membership group,” he explained.

Robert DaSilva has been designated as Alliance’s new CEO. He is coming from Massachusetts Chelsea Bank where he was vice president and treasurer and will begin at Alliance on Dec. 12, Baumann said.

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