KENSINGTON, Md. and ROCHESTER, Minn. -- The $331 million Lafayette Federal Credit Union and $1.2 billion Think Federal Credit Union are both wending their way through the conversion process. Lafayette is almost finished and has scheduled its special meeting at which members will be able to cast their final votes on the proposal. Think filed its application to convert with the Office of Thrift Supervision on Oct. 13. After a series of missteps in the press and with some mostly tense member meetings, it's unclear Lafayette members will approve the conversion. As a federal credit union, Lafayette only needs a majority of members who vote to vote yes, but with a sophisticated and educated membership, sources familiar with the CU and its members doubt it will pass. Think took the unusual step of sending its members a letter that it was considering converting before the CU actually filed. In some ways the letter resembled the NCUA's proposed conversion regulation, which if finalized as written, will require CUs converting to let their members know they are contemplating the charter change before filing the paperwork. But unlike the NCUA regulation, there was no opportunity for member feedback on the decision.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the December-20, 2006 issue of Credit Union Times Magazine • Subscribe!
Lafayette and Think Wending Their Way Along
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
