The roughly 3,287 members who voted to convert Monterey Credit Union to a mutual bank approved moving to a California chartered mutual bank, according to the balloting package.
The credit union reported Monday that of the 21% of its members who participated in the charter change balloting, 80% voted in favor of the conversion.
The California Department of Business Oversight has still not reported the arrival of an application from Monterey Credit Union to convert its charter. Once the application arrives, the regulator will have to develop regulations to oversee the process Monterey must follow, according to its recently retired general counsel.
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
© 2025 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.
