The proposed buyout by GFA Federal Credit Union of a troubled New Hampshire savings bank continues to generate industry interest but with a pivotal question: Can the credit union and bank clear the legal hurdles with the NCUA, the Comptroller of the Currency and the FDIC.
Suburban Boston credit union, in interview with local newspaper, explains next steps in proposed changeover to bank.
Suburban Boston credit union says board gave go ahead Thursday night.
Vote on plan to proceed with conversion to mutual bank was scheduled Wednesday.
The proposed conversion of the $1.8 billion HarborOne Credit Union to a mutual bank triggered fresh industry debate last week about the impact and efficacy of conversions as the Brockton, Mass., CU formally tendered its resignation from CUNA and the Massachusetts Credit Union League.
GFA FCU CEO said her credit union is showing by example that credit unions can work with community banks as it moves toward purchase of a New Hampshire mutual.
Is conversion bid a sign of things to come? That's one point raised in this look at an article from next week's print edition.
Washington attorney Steve Bisker says the 141,000-member HarborOne is at only 20% of its member business lending cap.
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.
"Cooperative bank charter" may exist only in Massachusetts law; CEO says "we have to compete with everyone in the market."