Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
HarborOne sets March meeting on converting to bank
BROCKTON, Mass. (12/27/12)--HarborOne CU has scheduled a special meeting of its members to vote on the Brockton, Mass.-based credit union's proposal to convert to a mutual cooperative bank charter.

The meeting is set for 5 p.m. E.T. on March 11 at The Shaw's Center in Brockton (Enterprise News.com Dec. 25). If approved, the conversion would go into effect by the end of 2013.

The credit union has said that converting to a bank charter would enable it to expand into Boston, make more commercial loans and raise more capital. It also has said it cannot open a branch in Boston because it is restricted to serving four counties in Southeastern Massachusetts.

The National Credit Union Administration has pointed out that the credit union could petition the state to expand its geographic boundaries. The agency also has said HarborOne is not near its member business lending cap and it could sell stock to raise capital (News Now May 8).

Members who have had an account at the credit union for at least three months as of this coming Feb. 15, and who are at least 18 years old, will be eligible to cast their ballot on the proposed change.  A conversion would require a simple majority of the members who vote. Members will be sent ballots before the meeting, and they can choose to vote either by mail, by taking their  ballot to their branch, or in person at the meeting in March.

The $1.9 billion asset credit union has more than 150,000 members.


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
17 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
19 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
19 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
20 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
20 hours ago