Those who advocate against FOM risk the industry's tax exemption.
First Entertainment CU CEO defends the use of catch-all association groups, saying FOM has nothing to do with tax exemption.
Regulators don't have a charter conversion application from the $209 million credit union, which sent ballots to members in May.
The $209 million California credit union cites limits on business lending as its reason to leave the credit union fold.
The $399 million Florida Central Credit Union in Tampa plans to buy a First Federal Bank of Florida branch in Sarasota, Florida Central President/CEO Laida Garcia said last week.
The $399M credit union could potentially gain 600 new members and about $12M in deposits.
Purchase would mark fourth credit union takeover of bank in past year and a half.
During a closed meeting, the NCUA Board unanimously approved Landmark Credit Union’s acquisition of Hartford Savings Bank, subject to approval from the FDIC, according to a Board Action Bulletin posted last week on the NCUA’s website.
Landmark has completed 10 credit union mergers in the past three years. This is its first acquisition of a bank.
Massachusetts credit union's assumption first of its kind in the United States, credit union's president says.