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SALT LAKE CITY – Another Utah credit union, the $184 million Granite CU of Salt Lake City, is switching to a federal charter making it the 10th to convert since the banker-inspired tax-CU bandwagon in the state legislature got rolling in early 2003. “It is sad that we are at this point,” lamented Curt Doman, the president of the 31,000-member Salt Lake City CU, which had formally filed paperwork with NCUA in February although preliminary work was done last year. Granite, with a school employee membership base, had long hinted at conversion during the height of the March 2003 battle to impose a first-time franchise tax on large Utah CUs. Unlike some of its larger brethren in the state – America First FCU, Riverdale, and Goldenwest of Ogden – Granite has no plans to expand into multiple counties but will remain domiciled in Salt Lake County. “But we will at least be able to offer business loans above $250,000, something we couldn’t do as a state charter,” said Doman. “You know it was kind of tough when you had a member come in wanting to buy 53% of a duplex and you couldn’t finance it because he is not living in the property, ” said Doman adding he is hopeful NCUA would approve his application “ some time in the next quarter.”

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