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Former Conversion Candidate Lafayette Struggles; Conversion Lawsuit Still in Play

In the wake of its 2006 attempt to convert to a mutual bank, Lafayette Federal Credit Union has been struggling and steadily shrinking, even as the CUs leadership has pressed its legal case against its former CEO over the failed attempt.

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KENSINGTON, Md. — In the wake of its 2006 attempt to convert to a mutual bank, Lafayette Federal Credit Union has been struggling and steadily shrinking, even as the CUs leadership has pressed its legal case against its former CEO over the failed attempt.

According to NCUA’s records, when Lafayette formally announced its ultimately doomed attempt at a charter change in June 2006 the credit union had $332 million in assets and 16,369 members who had deposited $251.6 million in depository accounts. The credit union then had 7,859 loans on its books for $254.8 million along with a return on average assets of 0.65 (peer group 0.71) and an income of almost $1.1 million.

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