ALEXANDRIA, Va.-Bucking recent trends, a federally-insured, state-chartered credit union converted to a federal credit union in February. St. James Public Schools Credit Union ($1.7 million in assets) converted to a federal credit union. Counterbalancing the new federal credit union was the application approval of an entirely new state-chartered credit union with just $734,000 in assets. Also of note, 24 credit unions were approved to adopt underserved areas with a total potential membership of more than 700,000. None were denied, while 15 have been deferred. The community charter conversion trend also continues with 11 conversions approved in February for over three million potential members.
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