Search
 

Granite Credit Union in Utah is 10th to Convert from State to Federal Charter

SALT LAKE CITY - Another Utah credit union, the $184 million Granite CU of Salt Lake City, is switching to a federal charter making it the 10th to convert since the banker-inspired tax-CU bandwagon in the state legislature got rolling in early 2003. "It is sad that we are at...

By Staff Writer | Updated on April 06, 2004

SALT LAKE CITY – Another Utah credit union, the $184 million Granite CU of Salt Lake City, is switching to a federal charter making it the 10th to convert since the banker-inspired tax-CU bandwagon in the state legislature got rolling in early 2003. “It is sad that we are at this point,” lamented Curt Doman, the president of the 31,000-member Salt Lake City CU, which had formally filed paperwork with NCUA in February although preliminary work was done last year. Granite, with a school employee membership base, had long hinted at conversion during the height of the March 2003 battle to impose a first-time franchise tax on large Utah CUs. Unlike some of its larger brethren in the state – America First FCU, Riverdale, and Goldenwest of Ogden – Granite has no plans to expand into multiple counties but will remain domiciled in Salt Lake County. “But we will at least be able to offer business loans above $250,000, something we couldn’t do as a state charter,” said Doman. “You know it was kind of tough when you had a member come in wanting to buy 53% of a duplex and you couldn’t finance it because he is not living in the property, ” said Doman adding he is hopeful NCUA would approve his application “ some time in the next quarter.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.