More details emerged Friday on the thinking behind a possible conversion to a bank by the $1.8 billion HarborOne Credit Union of Brockton, Mass.
The proposed change to a cooperative bank charter, believed to be exclusive to Massachusetts law, would empower the metro Boston CU to expand business loans and mortgages, increase capital and branch into downtown Boston, sources said.
Meanwhile, industry reaction in Massachusetts to the planned switch, the first such transaction advanced by a major CU this year, remained restrained.
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