BREMERTON, Wash. — It was a stunning and puzzling member defeat two years ago, but now after months of well-orchestrated campaigning the $600 million Kitsap Community Federal Credit Union is set to switch to a state charter at month's end enabling geographic expansion.

Approval of the charter conversion deemed by management as vital to take advantage of the state's favorable field of membership climate came in a special membership vote Sept. 28 with final regulatory clearance due Nov. 30.

"Thank you again for participating in the democratic process of credit unions by casting your vote on our charter conversion initiative," wrote Elliot Gregg, president/CEO in the CU's November newsletter in citing the favorable 72% balloting by 11,856 members.

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

  • 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.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.