A credit union that fought the NCUA to become a mutual bank in 2005 has moved on to become a stock-issuing bank.
In 2005, Plano, Texas-based OmniAmerican Bank, then OmniAmerican Credit Union, joined with Dallas-based Community Credit Union (now Viewpoint Bank) in a legal battle with the NCUA over some of the details of their attempts to convert to mutual bank charters. Court decisions favored the credit unions, and both started doing business as banks in 2006.
Community Credit Union took the additional step to move to a mutual holding company structure and issued a limited amount of stock soon after completing its bank conversion. But OmniAmerican held back from that step, hampered in part by a leadership change after its longtime CEO Larry Duckworth, the man who had led the credit union through the charter change, died of a heart attack in February 2007. Now, it too has joined the ranks of former credit unions that have issued stock.
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