CRANFORD, N.J. - What was once Synergy Federal Credit Union is now part of a publicly-traded banking holding company. Chartered as a CU in 1952, Synergy FCU converted to a mutual savings bank in 1998 and renamed itself Synergy Bank. Its holding company, Synergy Financial Group, Inc., went public Jan. 27th and is now traded on the NASDAQ under SYNF. The company raised approximately $70 million in its initial public offering. The issue of credit unions converting to mutual savings banks is a hot topic in the credit union industry right now, especially with the happenings at Columbia Community CU in Washington. So far of the 20-plus CUs that have converted to banks, only seven have gone the stock route. The conversion to a stock bank often draws the ire of credit union faithful because the former credit union directors and management can profit from the stock conversion.
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