TALLAHASSEE, Fla. – In June of 2004, the members of the $170 million Sunshine State FCU voted to approve their credit union becoming a mutual bank. But in March 2005, the credit union backed off, withdrew its application and left it withdrawn – even though at the time of the withdrawal the credit union said it was going to continue with its plans. Neither federal regulators nor the credit union would say what exactly the problem was, but the federal regulators kept the credit union's application for weeks and did not act on it, a sure sign that they might never approve it. Later inside sources at the credit union reported that a number of the credit union's loans to so-called sub-prime borrowers, as well as actions taken by then CEO Mark LeCain, might have played a role in keeping the application from being approved. The failure of the credit union's application drew attention to the reality that there may be few CEO jobs in the credit union industry more at risk than that of a CEO of a credit union that converts to a mutual bank charter. Out of the 21 credit unions which have either converted or almost finished the conversion process (as opposed to merging with mutual banks), 19% of CEOs left their positions, often not long after having completed the conversion.