When the business day began on July 1, the $1.8 billion HarborOne Credit Union in Brockton, Mass., one of the oldest credit unions in the country, opened its doors as HarborOne Bank.
Boston-area credit union, one of nation's oldest, secures final piece in FDIC approval and making the switch over the weekend.
FDIC nod all that remains before Boston-area credit union completes largest charter switch yet.
Richard S. Garabedian, a Washington attorney who specializes in credit union charter conversions, doesn’t think HarborOne Credit Union’s conversion to a state co-operative bank, approved by its members last Monday, will trigger a wave of credit union charter conversions.
Industry observers point to credit unions buying banks, note that Boston conversion involves unique state charter.