I recently received an email from a group of Washington lawyers who ply various trades of a legal nature, including trying to convince credit unions that switching to a mutual charter (with the not-so-subtle understanding of a later move to stock) would be a great idea.
This group proudly proclaims that they'll be hijacking an upcoming directors' conference to take this topic out of the breakouts into the general session. They're emboldened by my friend, ex-banker and perennial CRA-for- credit unions advocate, Jim Blake's attempt to convert Harbor One back to his preferred for-profit status.
What is bemusing is that anyone would think that it would be better to be a bank after witnessing the past five years of bloodletting in that sector.
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