LAUREL, Md. — Prompted in part by the charter conversion effort taking place at the $320 million Lafayette Federal Credit Union, the largest CU in the state has taken steps to make any such move in its own future a good deal more difficult.
The board of the $1.5 billion Tower Federal Credit Union approved a resolution at its October 2006 board meeting as well as amending the CU's mission statement and bylaws to make sure any future conversion attempt has more input from members.
"Tower's Board of Directors and Senior Management are strongly committed to retaining Tower's credit union charter for the long-term benefit of its members," stated Board Chairman George Cumberledge. "We believe foremost that it's in the best interests of our members as well as to the credit union movement that Tower retains its charter and remains a credit union."
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