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Second Massachusetts CU Considering Charter Change

The board of directors of the $128 million Community Credit Union of Lynn will meet on May 30 to decide whether the credit union should apply to change its charter to that of a mutual bank, according to a notice on the CU's Web site.

By Staff Writer | Updated on May 17, 2007

LYNN, Mass. — The board of directors of the $128 million Community Credit Union of Lynn will meet on May 30 to decide whether the credit union should apply to change its charter to that of a mutual bank, according to a notice on the CU’s Web site.

The notice said that after a conversion the institution’s overhead would increase and its business would become taxable, both of which could reduce profitability. The notice also said that under a bank charter it could further convert to a stockholder owned institution, but said that, as of the date of the notice, the board had no intention to make such a further conversion.

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