The $429M First Commerce CU withdraws its purchase application to buy a small bank.
California agency says it will proceed even though statutes are mum on credit union to bank conversions.
Move comes more than a month after members voted for the bank conversion.
The application guide breaks the chartering process into five parts.
The CEO of the nation's second largest credit union and a bank lobbyist join forces.
Ballot package reveals MCU's bank charter plans.
MCU says of the 21% of members who voted, 80% supported the charter conversion.
Private insurance could be an easy way out for credit unions wishing to become banks. But will the FDIC welcome them in?
A 2011 opinion letter says state chartered credit unions could convert through a purchase and assumption transaction.
Those who help credit unions turn into banks say business is picking up.