WASHINGTON — The Office Of Thrift Supervision has approved theapplication of the $1.3 billion Think Federal Credit Union,headquartered in Rochester, Minnesota to convert to a mutualsavings bank.
|The approval had been expected by May 11 but the agency hadgranted the CU a 30 day extension to complete the application andreview process.
|Think's most recent annual report thanked its members forsupporting the charter conversion and added:
|“And now the big question seems to be 'so are we members or arewe customers?' The answer is: you're both. You are members becauseThink is a mutual. You are customers because you have achoice.”
|Think members voted by the narrowest margin to date to supportthe conversion to a mutual bank in March.
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