Richard S. Garabedian, a Washington attorney who specializes in credit union charter conversions, doesn't think HarborOne Credit Union's conversion to a state co-operative bank, approved by its members last Monday, will trigger a wave of credit union charter conversions.
"Every credit union conversion is unique," said Garabedian. "But I don't think it means you are going to see a wave of charter conversions. It's hard to predict what impact it will have but it may give some credit unions an incentive to look at the charter option because this one was passed by member."
But he also noted that other charter conversions have failed. For example, the members of the $1.7 billion Technology CU in San Jose, Calif., voted overwhelmingly not to convert to a mutual bank in 2012.
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.
