Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.


RSS print
News Now LiveWire
RT @asmarterchoice: RT @daily_finance: Top 5 money management tips for 30-somethings http://t.co/mWRfDRSTE7
40 seconds ago
Operational efficiencies focus of new @CUNA program #NewsNow http://t.co/qBYHKVYeQN
22 minutes ago
.@mncreditunions collects 600 stories of #WhyILoveMyCU http://t.co/aaVMQEioq4
53 minutes ago
.@NJCUL encourages #creditunions to join the #Movember2014 movement.
1 hours ago
.@USATODAYmoney @fileneresearch pre-retirement capability study http://t.co/xvXqwKEbjj. See #NewsNow for report recap http://t.co/pUXrSQFlju
2 hours ago