The members of the $193 million HAR-CO Federal Credit Union have voted to approve the credit union's change to a mutual bank charter, according to an announcement from the CU to its members. The credit union did not returned calls seeking comment on the vote.
HAR-CO reported that more that 5000 of its more than 20,000 members voted in the balloting and that the vote had been 58% in for and 42% opposed.
The credit union application to become a bank now waits for action from three federal regulatory agencies, NCUA, the Officer of Comptroller of the Currency (which now oversees federally chartered thrifts) and the Federal Deposit Insurance Corp.
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