DALLAS - Resource One FCU has become the eleventh federal credit union in Texas to convert to a state charter since 1997 and the fourth so far this year. The state Credit Union Division approved the $151 million credit union's charter conversion application on May 31. Resource One initially applied to convert to a state-charter in 1997. It received NCUA approval to proceed with a member vote, but the credit union's board decided to put off the conversion pending the outcome of H.R. 1151. When The Credit Union Membership Access Act was signed into law in Aug. 1998, Resource One President Jim Brisendine said the credit union decided to proceed with the charter conversion because "H.R. 1151 places too many limitations on federal credit unions, especially concerning field-of-membership." He said the credit union is "considering" applying for a community charter. Resource One counts 319 select employee groups among its 48,000 members. It was originally chartered in 1936 as Sears Employees FCU. It went through a series of mergers with other credit unions and was renamed Resource One in July 1995. -
ekingoff@cutimes.com
