Maryland CU Gets Member Clearance To Convert To Bank

Credit Union Journal Daily Briefing | Tuesday, October 11, 2011

BEL AIR, Md. – Members of Har-CO FCU voted to approve the conversion of the $200 million credit union to a mutual savings bank, the first credit union conversion in more than two years.

The count was 58% to 42% of the 5,000 voting members of 17,000 total members, which must now be certified by NCUA. Applications for a mutual bank charter and deposit insurance are currently pending with the Office of the Comptroller of the Currency and the FDIC.

Har-Co is one of several credit unions moving towards a bank charter, with California giant Tech CU, with $1.5 billion in assets, announcing last week it is seeking to convert charters to a mutual savings bank.