Richard S. Garabedian, a Washington attorney who specializes in credit union charter conversions, doesn't think HarborOne Credit Union's conversion to a state co-operative bank, approved by its members last Monday, will trigger a wave of credit union charter conversions.
"Every credit union conversion is unique," said Garabedian. "But I don't think it means you are going to see a wave of charter conversions. It's hard to predict what impact it will have but it may give some credit unions an incentive to look at the charter option because this one was passed by member."
But he also noted that other charter conversions have failed. For example, the members of the $1.7 billion Technology CU in San Jose, Calif., voted overwhelmingly not to convert to a mutual bank in 2012.
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