Richard S. Garabedian, a Washington attorney who specializes incredit union charter conversions, doesn't think HarborOne Credit Union's conversion to a state co-operativebank, approved by its members Monday, will trigger a wave of creditunion charter conversions.

“Every credit union conversion is unique,” said Garabedian. “ButI don't think it means you are going to see a wave of charterconversions. It's hard to predict what impact it will have but itmay give some credit unions an incentive to look at the charteroption because this one was passed by member.”

But he also noted that other charter conversions have failed.For example, the members of the $1.7 billion Technology CU in San Jose, Calif.,voted overwhelmingly not to convert to a mutual bank in 2012.

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

  • Critical 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 and

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