WASHINGTON — Just as two members of Congress wrote the CEO andboard of the $331 million Lafayette Federal Credit Union to askthat its members have more time to contemplate the CU's proposedconversion to a mutual bank, the NCUA approved the credit union'sdisclosure documents and ballots for the conversion vote.
The credit union applied to convert its charter to that of amutual bank in June of this year and had already been through atleast one round of disclosure document negotiations.
In an announcement released on the heels of the letter, thecredit union's CEO Mike Hearne said the board believed a bankcharter to be the best one to allow the organization to keepoffering affordable financial services.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
