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September 30 Last Day For Share Plus FCU

PLANO, Texas - September 30 will be the last day that the $173 million, 19,000 member Share Plus FCU will serve its members as a credit union. When it opens its doors on Friday, October 1, it will do so as Share Plus Federal Mutual Savings Bank. Over 2,000 members...

By Staff Writer | Updated on August 10, 2004

PLANO, Texas – September 30 will be the last day that the $173 million, 19,000 member Share Plus FCU will serve its members as a credit union. When it opens its doors on Friday, October 1, it will do so as Share Plus Federal Mutual Savings Bank. Over 2,000 members of the credit union, or 10.5%, voted to decide the charter change question, according to Barry Stevenson, marketing director for the credit union. The vote tally was 80% for and 20% against, Stevenson reported. No members at the July 23 special meeting spoke against the conversion, he said, although a number of members rose to ask questions to clarify some of the details, he said. The credit union deliberately chose a bank name that would be as seamless as possible for the members, Stevenson said. Share Plus Mutual Savings Bank will remain a thrift and has no plans to issue stock, whether traditionally or through a mutual holding company structure, he added. Share Plus began in 1958 as Dallas based Frito Employees Federal Credit Union and grew as its sponsor merged and grew with other firms. Now the credit union’s field of membership includes employees of Frito-Lay, Inc., YUM! Brands, Inc., A&W Restaurants, Inc., KFC Corporation, Long John Silvers, Inc., Pizza Hut, Inc, Taco Bell Corp., and various parts of PepsiCo, in addition to roughly 50 Dallas area SEGs. Stevenson confirmed that Share Plus has no plans to further convert to a stock issuing institution.

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