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The following piece was submitted by former Bucs FCU CEO and current Bucs Federal Bank CEO Herb Moltzan. In the controversy surrounding charter conversions, Moltzan said he wanted to put some reality behind the situation by giving a first-hand account of his real-life conversion experience. It’s worth noting however that Moltzan’s CU was one of the early converts, and back when it converted the main problem wasn’t capital – which many converting CUs today say is why they are moving to a bank charter – but instead field of membership. BUCS primary sponsor was drying up, and Moltzan said the CU was nervous about future growth. Credit Union Times encourages readers to share your views on Moltzan’s first-hand account by e-mailing comments to [email protected]

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