NEW YORK — The recent flurry of credit unions converting to banks is attracting more players to the consulting process.
New York-based Sandler O'Neill is the latest. Peter Duffy, a well-known finance specialist in the credit union space and an associate director with the firm, said that Sandler O'Neill will help credit unions evaluate possible change to a bank charter in light of their business situation. Duffy, who writes a monthly Web-only column for CUES, said Sandler O'Neill has been involved in the current charter change attempt being mounted by the $332 million Lafayette Federal Credit Union.
Duffy would not comment specifically on the firm's involvement with Lafayette, but did direct Credit Union Times to Lafayette's disclosure documents. The documents do not mention Duffy or Sandler O'Neill by name. In the disclosure, Lafayette states its plans to move to a mutual holding company structure, an area Sandler O'Neill specializes, if the members approve the conversion.
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