WASHINGTON — The Office of Thrift Supervision has approved the application of the $23 million Marcy Federal Credit Union, headquartered in Marcy, N.Y., to become a mutual bank.
If its members agree to the conversion, Marcy would immediately merge into Beacon Federal Bank, a mutual savings bank with a mutual holding company structure that it is abandoning in order to be able to conclude this merger.
Office of Thrift Supervision regulations state that a mutual savings bank, such as Marcy will become if its members approve the deal, cannot merge with a stock-issuing bank, which Beacon Federal is since it has adopted a Mutual Holding Company structure, but has not yet actually issued any stock to the general public, according to an OTS spokesman.
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Under the terms of the Oct. 20 approval, Marcy and Beacon must complete their transactions no later than 120 days after the approval was made.
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