OmniAmerican Bank, which converted from a credit union charter in 2005, attempts to merge into a larger Texas bank.
The board of directors of $1.5 billion Technology Credit Union has written the CU's 74,000 members that they may be better served by converting the credit union to a bank.
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
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.
A credit union that fought the NCUA to become a mutual bank in 2005 has moved on to become a stock-issuing bank.
A holding company for OmniAmerican Bank, formerly OmniAmerican Credit Union, started trading stock on the NASDAQ stock exchange this morning after members of the federally chartered thrift voted to approve a conversion to a stock issuing bank.