ROCHESTER, Minn. — By a margin of only 2%, the members of the $1.2 billion Think Federal Credit Union have voted to stop being owners and members of a credit union and instead become depositors in a mutual bank.
The vote was 51% to 49% in favor of converting.
The culmination of the balloting process came at a special meeting on March 14 where about 200 members gathered to ask the last questions and cast the final ballots. About 67 ballots were cast at the meeting, according to Tom Floyd, Think's chief administrative officer. The credit union now has to submit the vote tally to NCUA.
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:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
