BROCKTON, Mass. (7/1/13)--As of today, HarborOne CU in Brockton, Mass., the largest state-chartered credit union in New England, is HarborOne Bank.
The $1.9 billion asset credit union on Wednesday filed an official charter change with the Massachusetts Secretary of State, and said it will be insured by the Federal Deposit Insurance Corp., effective today (Enterprise and WickedLocal.com June 28).
When HarborOne officials announced last year they planned to pursue a bank charter, they said that converting to a bank would allow it to expand its customer base into Boston; increase lending, especially in business lending; and raise more capital through a stock sale (News Now Dec. 27). Its field of membership is limited to four counties in Southeastern Massachusetts and it could not open a branch in Boston, they said.
Members approved the conversion at a special meeting in March. About 1% of members eligible to vote cast ballots, and of those, 62% voted in favor of the change (News Now April 23). The National Credit Union Administration certified the vote in April.
During the conversion process, the Credit Union National Association and the Massachusetts Credit Union League said they believed a credit union charter is the best option for credit union members, and any decision should be in the members' best interest.
HarborOne Bank has 14 branches and more than 150,000 customers.