Now there are two large credit unions, the $1.8 billion HarborOne Credit Union of Brockton, Mass., and the $1.5 billion Technology CU of San Jose, Calif., making plans to convert to mutual bank charters.
Longtime customers of Thrivent Financial Bank, an Appleton, Wis.-based bank with credit union roots, may experience confusion and feelings of déjà vu in the coming months as the bank returns to being a credit union.
Credit union leaders have not said much about the news that Thrivent Financial for Lutherans is narrowing the business focus of its subsidiary Thrivent Financial Bank and launching a credit union for the bank's retail business.
If credit unions were subject to income taxes, they would lose a key part of what makes them unique, but experts are divided as to whether it would create a stampede of bank conversions.
One of the more than 30 credit unions that have converted to or merged with mutual banks became the 209th bank to fail since 2000 and the 22nd to fail this year