WASHINGTON -- The Office of Thrift Supervision has approved the application of the $23 million Marcy Federal Credit Union, headquartered in Marcy, N.Y., to become a mutual bank.
If its members agree to the conversion, Marcy would immediately merge into Beacon Federal Bank, a mutual savings bank with a mutual holding company structure that it is abandoning in order to be able to conclude this merger.
Office of Thrift Supervision regulations state that a mutual savings bank, such as Marcy will become if its members approve the deal, cannot merge with a stock-issuing bank, which Beacon Federal is since it has adopted a Mutual Holding Company structure, but has not yet actually issued any stock to the general public, according to an OTS spokesman.
Under the terms of the Oct. 20 approval, Marcy and Beacon must complete their transactions no later than 120 days after the approval was made.
