X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KENSINGTON, Md. — Members of the $332 million Lafayette Federal Credit Union began to receive their charter conversion ballots and the disclosure packets that accompany them last week. The CU also took the somewhat unusual step of posting them on its Web site (www.lfcu.org) for the public to access. As has become customary, the disclosure included the basics of the conversion application as required by the NCUA. Should the members approve the charter change, they will have been able to make the shift relatively cheaply.

According to the CU’s conversion documents, the proposed change will cost $284,800 overall, broken down as $5,300 in regulatory and examination fees, $26,000 in printing, $26,000 in postage, $8,000 in mailing and assembly, $15,000 for an inspector of elections, $42,500 for the services of a financial advisor and expenses, $125,000 for legal fees and expenses, $5,000 for a ballot solicitor, $2,000 for a the special meeting, $15,000 for signage and stationary changes, and $15,000 for miscellaneous expenses.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.