Tom Dorety, CEO of the $5.5 billion Suncoast Schools FederalCredit Union in Tampa, Fla., told Credit Union Times onFriday that Suncoast has been approved to become a statecharter.
|“We had to hire an outside firm to do an independent electionand we did that and they validated the election. Obviously, wecan't have anything to do with it,” said Dorety on Friday.
|“We sent out e-mails and mail ballots to over 500,000 membersand we received a majority vote,” he said.
|Voting concluded on Thursday and the official results came in onFriday. In total, Dorety said, 77% of Suncoast's members who votedwere in favor of switching from a federal to state charter.
|The state charter enables us to move forward with a communitycharter in all of these counties along the west coast of Floridathat we already serve. We are truly a community-based financialinstitution – the largest headquartered on the west coast in fact,”Dorety told Credit Union Times.
|“Our goal is to focus as much as we possibly can on thecommunities that we serve and become entrenched in thosecommunities,” he said.
|Dorety said he expects the conversion to take place at the firstof the year. The credit union's new name will be SuncoastCredit Union. Suncoast was originally chartered as the HillsboroughCounty Teachers Credit Union in January 1934.
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