WASHINGTON – The $145 million Share Plus Federal Bank, headquartered in Plano, Texas, was the Share Plus Federal Credit Union until its membership voted in July of 2004 to move to a mutual bank charter. Now a publication from America’s Community Bankers called Today’s Mutual Community Banks, highlights the former CU. Craig Barnes, CEO of the former credit union described the process the credit union used to change its charter from going to meet with its principal sponsors to mailing its members about the charter change and opening a hotline for members. “Share Plus took a proactive approach to ward off any member anxiety by stressing that the conversion would be `seamless’ to the customers,” the booklet said, “and by highlighting the ways that it would be better able to serve the community as a mutual [bank].” Barnes also urged NCUA to “open their eyes” rather than seek to block conversions. “The NCUA needs to understand that even though credit unions exist for a captive membership, they are business,” Barnes is quoted in the piece. -

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