CHICOPEE, Mass. – State regulators reported Friday they have approved a application from $420 million Polish National CU to acquire ValleyStone CU, an ailing one-time $85 million credit union in nearby Wilbraham.
The combination will give Polish National two new branches and create one of the biggest credit unions in western Massachusetts. The merger has also been approved by NCUA.
ValleyStone has reported losses for four straight years and had assets of $66 million at March 31. ValleyStone was chartered in 1937 to serve employees of the Fiberloid chemical plant, which was later acquired by Monsanto chemicals.