No Word on HarborOne Board Conversion Vote
The $1.9 billion HarborOne Credit Union of Brockton, Mass., remained mum on a board vote scheduled Wednesday on whether to proceed with a proposal to convert to a savings bank.
The suburban Boston CU, which has since dropped out of CUNA and the Massachusetts Credit Union League, revealed its conversion plans Feb. 16 and said it would solicit member comment on the idea through last week.
The CU has not said what kind of reaction it has received from its 141,000 members.
Calls to James Blake, president/CEO, and other key staffers have not been returned.
Blake is a former chairman of the Massachusetts League and a CUNA director and his CU has long been regarded for its inner city work and on CRA.
Said one Massachusetts CEO peer, who asked for anonymity, “I had been looking forward to joining Jim at GAC.” CUNA’s big gathering, attracting 4,000 executives and guests, concluded Wednesday with Hike the Hill visits.
Meanwhile, the Massachusetts regulator said the agency has received no formal paperwork on any application to convert to a co-op mutual charter as proposed in HarborOne’s online notice to members.
“There is nothing before us,” said a spokesman for the Massachusetts Office of Consumer Affairs and Business Regulation.
“If Harbor One votes to proceed and they wish to convert, the next step would be for the Division of Banks and the National Credit Union Administration to review and approve the notice to their membership, describing the proposal and the membership voting process,” said the spokesman adding, “but that hasn’t happened yet.”