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Advocates On Both Sides Of the Conversion Issue To Square Off

PLYMOUTH, Mich. - Advocates from both sides of the issue of credit unions exchanging their charters for those of mutual banks will address the Michigan Credit Union League's Executive Summit which will be held at the Treetops Resort in Gaylord. According to the League's newsletter, Michigan Monitor, the September 23-24...

By Staff Writer | Updated on August 24, 2004

PLYMOUTH, Mich. – Advocates from both sides of the issue of credit unions exchanging their charters for those of mutual banks will address the Michigan Credit Union League’s Executive Summit which will be held at the Treetops Resort in Gaylord. According to the League’s newsletter, Michigan Monitor, the September 23-24 meeting will feature Tony Ward-Smith, a member of the $619 million Columbia Community Credit Union and one of the leaders of Save CCU, the members group which succeeded in challenging the credit union’s move to a mutual bank. Opposing him at the podium will be Alan Theriault, senior advisor with CU Financial Services, a consulting firm well known for assisting credit unions with charter changes. “I’m not an advocate of every CU converting – but it is an option a CU might want to consider if it has the management team in place and the significant growth opportunities that would make conversion feasible,” Theriault said. “I’m sure there will be some pointed questions from the audience, but I think the participants will appreciate the opportunity to hear from both sides. They already know what it’s like to be a CU – they might find it interesting to find out about how things look from the perspective of a mutual savings bank.”

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