The Texas Department of Credit Unions has given final approvalto allow the $1.3 billion NavyArmy Federal CreditUnion to become state chartered.
|Wayne Vann, the president/CEO of the Corpus Christi, Texas-basedcredit union, said the charter change was sought to provide moregrowth opportunities under the state's rules.
|“As a community-chartered federal credit union we are limited.The state charter gives us the chance to seek members in twocounties in the Rio Grande Valley where the demographics mirrorthose of our area,'' he told Credit Union Times onWednesday.
|The 90,000-member NavyArmy FCU currently serves sixcounties in the Corpus Christi area. The two new counties arehome to approximately 1 million people, Vann said.
|The NCUA had previously approved the credit union's application.Vann said the credit union plans to remain federally insured.
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