Members of the $5.5 billion Suncoast Schools Federal Credit Union in Tampa, Fla., were deciding this week whether to switch from a federal to state charter.
The 564,200 members were able to vote by mail, telephone, online or in person at a special meeting set for Thursday.
Becoming a state charter would broaden the credit union's membership and expand its services, Suncoast said.
Only individuals working in public education or specific employee groups in certain counties are currently able to join the credit union as a federal charter.
“The membership options provided by the state charter will enable us to provide additional resources to improve our delivery systems in the future, including branch and ATM expansion and development of new delivery channels. Members will also have more options regarding products, services, and accessibility based upon improved efficiency,” Suncoast said at its website.
“As a state-chartered credit union (and serving the most members in Florida), Suncoast can more easily work directly with regulators and legislators to improve regulations and laws on behalf of all credit union members,” the site also said.
The credit union said its name would change to Suncoast Credit Union if the conversion is approved. Suncoast was originally chartered as the Hillsborough County Teachers Credit Union in January 1934.
A sample of the form a federal credit union must submit to the NCUA when seeking state charter status is available here.
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