In what has become a rare occurrence, a federal credit union in Maryland has taken the what many see as the first step in the process to change to a mutual bank charter.
The board of directors of the $188 million Har-Co Federal Credit Union has asked for members' opinions about whether the CU should convert from a credit union to a mutual bank charter.
Regulators pulled the plug on a Salt Lake City credit union that had been a candidate to change its charter to that of a mutual bank.
The $145 Beehive Credit Union, headquartered in Salt Lake City, formerly a candidate for a mutual bank charter, is no more.
NCUA's Inspector General believes that the $145 million Beehive Credit Union, headquartered in Salt Lake City, Utah, has failed or will fail, but the state regulator disagrees.
Another bank that began life as a credit union has announced its plans to make an initial public offering of stock in the next few months.
The $227 million SharePlus Federal Bank, the former SharePlus Federal Credit Union, has filed papers with the Securities and Exchange Commission to make its initial public offering of stock.
GREENBELT, Md. -- Combine an uncertain economy with an unknown size of the NCUA assessments to pay for the problems of corporate credit unions and you have a recipe for rocky days ahead.
Though there aren't any conversion applications pending, past problems during certain merger past efforts triggered the draft rules that the NCUA issued on the subject last month.
The failure of a former credit union that converted first to a mutual bank and then to a fully stock issuing bank was looming on the horizon, according to press reports and government filings.