The Massachusetts Division of Banks provided new legal detail Thursday on the Feb. 16 notice by the $1.8 billion HarborOne Credit Union of Brockton, Mass., on its plans to convert to a mutual savings bank this fall.
In a statement issued by the division and released by David Cotney, the commissioner, the agency said the HarborOne proposal to convert to a co-op bank resembles a savings and loan structure.
"A cooperative bank structure corresponds closely to what may be known as a savings and loan association in other states," said the division in explaining the special and historic nature of Massachusetts law on co-ops dating back to the 1860s.
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