The $188 million Har-Co Federal Credit Union, headquartered in Bel Air, Md., may take the next step toward changing to a mutual bank charter this evening.
Har-Co previously notified members that they had until March 12 to register their opinions about the potential charter change and that the credit union's board of directors would take up the charter change question at its March 16 meeting.
The credit union told members it needed to change to a bank charter in order to attract more members, but according to NCUA, it has never taken the steps credit unions usually take to expand their fields of membership.
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