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Ulterior Motives in Converting to Bank Charter

I applaud the folks who are standing up for the members of Columbia Community Credit Union and any other credit union whose board wishes to convert to a mutual stock owned bank. If it is not a get rich quick scheme by the board, I would challenge each and every...

By Staff Writer | Updated on January 20, 2004

I applaud the folks who are standing up for the members of Columbia Community Credit Union and any other credit union whose board wishes to convert to a mutual stock owned bank. If it is not a get rich quick scheme by the board, I would challenge each and every one of them to sign an agreement that they will not personally benefit financially from stock ownership either directly or indirectly. Then I would say they are looking out for the credit union and the members who built the institution, not their own self interests. Brian Hughes CEO/Manager Brockton Postal Employees CU Brockton, Mass.

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