The Texas Department of Credit Unions has given final approval to allow the $1.3 billion NavyArmy Federal Credit Union to become state chartered.
Wayne Vann, the president/CEO of the Corpus Christi, Texas-based credit union, said the charter change was sought to provide more growth opportunities under the state's rules.
“As a community-chartered federal credit union we are limited. The state charter gives us the chance to seek members in two counties in the Rio Grande Valley where the demographics mirror those of our area,’’ he told Credit Union Times on Wednesday.
The 90,000-member NavyArmy FCU currently serves six counties in the Corpus Christi area. The two new counties are home to approximately 1 million people, Vann said.
The NCUA had previously approved the credit union’s application. Vann said the credit union plans to remain federally insured.