WASHINGTON -- The $1.3 billion Think Federal Credit Union, Rochester, Minn., has gotten the nod from the Office of Thrift Supervision on its application to change its charter to that of a federal mutual savings bank.
The agency approved the application on June 11, exactly one month after granting the CU an extension from May 11 to have finished the application and review process.
Think's most recent annual report thanked its members for supporting the charter conversion and added:
"And now the big question seems to be 'so are we members or are we customers?' The answer is: you're both. You are members because Think is a mutual. You are customers because you have a choice."
Think members voted by the narrowest margin to date to support the conversion to a mutual bank in March.