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.

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