CU-to-Bank Conversion Update

A current list (updated Nov 18, 2014) of credit unions converted or pending, plus credit unions merged with Mutual Savings Institutions.

      Current        
      Corporate Assets (millions)   Conversion
  Credit Union State Form Pre-conversion 6/30/2010   Date
6 Non Stock Institutions - (Pure Mutuals)
1 @LANTEC Financial VA Mutual 85 103   1/12/04
2 Carolina Federal SC Mutual 16 Merger   8/1/99
3 HarborOne MA Mutual 1,800 1,800   7/1/13
4 Northeast CU MA Mutual 100 Merger   12/31/08
5
Roper Employees SC Mutual 7 Merger   3/1/01
6 Think Mutual MN Mutual 1,300 1,405   7/1/07
4 Non-Stock MHC with Subsidiary Stock Thrift (Hybrid)
Depositors Own & Control the MHC (MHC/s = Institution has issued public shares)
7 AAL WI Merged 37 Merger   6/30/01
8 AAL Member WI Merged 177 Merger   6/30/01
9 Lusitania SB, FSB NJ MHC 55 252   9/1/95
10 Nationwide FCU OH MHC 600 Merger   1/2/07
25 Full Stock Institutions
(Former CU Members have liquidation account)
  Name ST Form Assets
Before
Assets
After
IPO
Date
Conversion
Date
11 Affiliated Federal TX Stock 9 560 6/1/01 6/1/98
12 Allied Pilots IL Stock 82 167 12/31/01 9/1/01
13 Atlantic Coast GA Stock 321 901 10/5/04 11/1/00
14 Beacon Federal** NY Merged 155 1071 10/02/07 7/1/99
15 Professional Teachers* TN Merged 1 Merger   7/1/01
16 Salt City Hospital* NY Merged 8 Merger   3/1/03
17 Caney Fork Coop* TN Merged .9 Merger   11/1/00
18 Marcy* NY Merged 24 Merger   12/29/06
19
BUCS Federal**
MD
Merged
58
Merger
3/15/01
3/1/98
20 Citizens Community WI Stock 102 576 3/30/04 12/10/01
21 Coastway RI Stock 300 311   7/1/2009
22 Community Schools^^ MI Stock 41 Merger   1/1/02
23 HarborOne  MA Mutual 1800 1800   7/1/2013
24 Heritage Bank GA Stock 269 1300 6/30/05 7/1/01
25 1st Security Bank WA Stock 262 340 8/30/12 3/31/04
26 I.G.A. Federal** PA Stock 160 Merger 10/5/99 7/1/98
27 Kaiser Federal (Simplicy Bank) CA Stock 190 864 3/31/04 11/1/99
28 Monadnock Bank NH Merged 10 110 6/29/04 5/1/96
29
Ohio Central Federal
OH Merged
29
68
4/1/05 6/1/98
30 OmniAmerican CU TX Stock 1,200 1132 1/21/10 1/2/06
31 Pacific Trust CA Stock 224 2881 8/23/02 1/1/00
32 Rainier Pacific WA Merged 383 717 10/21/03 1/1/01
33 Share Plus TX Stock 150 233 11/1/10 10/1/04
34 Sound Community WA Stock 141 355 8/22/12 5/19/03
35 Sunshine State FL Stock 144 152 2/28/11 7/1/07
36 Synergy Financial** NJ Stock
182
Merger
9/17/02
5/1/98
37 Viewpoint Bank TX Stock 1,300 2763 10/3/06 1/2/06
               
Credit Unions in the Process of Converting / Merging
38 Monterey CU  CU   Mutual 200       
               
 

^ Sometimes Credit Union names are provided after conversion to bank becomes effective and assets for rounded to nearest $50 million.
^^ During 2005 Community Schools Merged with Citizens Community; on 10/31/2006 Citizens converted to full stock.
* Merged with Beacon Federal
** Merged after conversion to stock

Note: NCUA's punitive conversion rulemaking has resulted in curbing the pipeline of conversions, thus reducing the number of pure mutual and MHC transactions. Smaller credit unions are also harmed by the rulemaking since it increases the cost of conversion. Also, credit unions which would otherwise convert to a mutual savings bank are forced to compete as credit unions for the same membership base of smaller credit unions thus damaging their margins and speeding industry consolidation.

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