Roughly six weeks after nearly 3,300 members voted to change the cooperative’s charter to a mutual bank, Monterey Credit Union has filed with the California Department of Business Oversight for that conversion.
In July, members of the $212 million, privately insured credit union in Monterey, Calif., voted in favor of the charter change. Monterey, which has nearly 19,500 members, announced the results in early August.
The credit union made its application on Sept. 16 and the CDBO included it in its monthly summary of applications filed in September, which was released Monday.
Since it lacks federal insurance and since there have been no other similar conversions in the past, the CDBO will have to decide what process the credit union will have to follow for the conversion.
Monterey Credit Union proposed in its disclosures to members that it could make the charter change simply by amending its bylaws, but the CDBO has not yet said how it would proceed.
The credit union has also applied for FDIC insurance.