More than six weeks after nearly 3,300 members voted to change the cooperative's charter to a mutual bank, Monterey Credit Union has filed with the California Department of Business Oversight for that conversion.
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.
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Former state official says a California chartered credit union has never converted to a bank.
A 2011 opinion letter says state chartered credit unions could convert through a purchase and assumption transaction.
According to local news reports, Monterey Credit Union's mutual bank conversion effort is merely the first step.
One year after converting to a bank charter, HarborOne is not as profitable as hoped.