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CU System
NEW: HarborOne Members Vote To Convert To Bank
BROCKTON, Mass. (3/18/13 Filed 11:10 p.m. ET)--Members of HarborOne CU in Brockton, Mass., have voted to convert the $1.9 billion asset credit union to a mutual cooperative bank charter.

Roughly 62% of voting members cast their ballots in favor of the change. Of its 139,078 members, more than 22,433 or 21% of eligible voters actually voted by mailing ballots or attending a special member meeting held March 11 (Fort Mills Times and The Enterprise (March 18).

The votes were confirmed by an independent auditing firm, the Colbent Corp. of Braintree, Mass. The ballots and materials used for the vote will now go to state banking officials and the National Credit Union National Administration.

The credit union is the largest state-chartered credit union in New England. The credit union had said when it applied for the change that it had to turn down mortgage lending business because its charter was limited to four counties, it was nearing its member business lending cap, and it could not grow in the Boston market.

NCUA had said the credit union could have petitioned the state to widen its geographic boundaries and that it was not near its MBL cap.

Both the Credit Union National Association and the Massachusetts Credit Union League  have said a credit union charter is the best option for credit union members and any decision should be in the best interest of the members.


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