WASHINGTON — The Office Of Thrift Supervision has approved the application of the $1.3 billion Think Federal Credit Union, headquartered in Rochester, Minnesota to convert to a mutual savings bank.
The approval had been expected by May 11 but the agency had granted the CU a 30 day extension to complete the application and review process.
Think's most recent annual report thanked its members for supporting the charter conversion and added:
“And now the big question seems to be 'so are we members or are we customers?' The answer is: you're both. You are members because Think is a mutual. You are customers because you have a choice.”
Think members voted by the narrowest margin to date to support the conversion to a mutual bank in March.
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