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TALLAHASSEE, Fla. – A credit union whose members voted to approve its move to being a mutual bank still has an application pending to complete the process, but contrary to some rumors circulating around the industry the $170 million Sunshine State Credit Union is still on track to become a bank its CEO says. On June 30, 2004, just over 3,600, or 18%, of the credit union’s 20,000 members voted to change charters in a process which culminated in a special meeting. At that time, CEO Mark LeCain anticipated starting business as Sunshine State Bank sometime in October of 2004, but as the weeks have passed and Sunshine State has remained a credit union, rumors have built to the effect that the credit union has decided to remain a credit union. But LeCain put the rumors to rest, blaming the Federal Deposit Insurance Corporation for the hold up. “I just think we have a more complicated credit union and the agency is taking its time,” LeCain said. “We have a lot more going on than Share Plus did.” Share Plus was the $173 million Dallas, Texas area credit union which applied to change charters about the same time that Sunshine State did. Unlike Share Plus, however, Sunshine State’s application to become a mutual bank is still pending.

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