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News Now

CU System
HarborOne board meeting today on converting to bank
BROCKTON, Mass. (3/21/12)--The board of HarborOne CU, Brockton, Mass., is scheduled to meet today to consider the credit union's proposal to convert to a savings bank.

Comments from members about the proposal to become a Massachusetts-chartered mutual cooperative bank were due last week. It is not known how many comments the credit union received.

The $1.9 billion asset HarborOne has said that converting to a bank would provide it with more flexibility to expand its customer base; increase lending authority, especially in business lending; and provide access to additional capital such as through sale of stock, which isn't available to credit unions.

The Credit Union National Association and the Massachusetts Credit Union League have stated that they believe a credit union charter is the best option for members of a credit union and that any decision on converting should ultimately be in the members' interest (News Now Feb. 17).

If the board adopts a conversion plan, the credit union would send to regulators for review  materials to be sent to members about the conversion plans.  The review process could take months. After a review, a conversion proposal would be submitted to the membership for a vote after a notice period of at least 90 days.


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