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 | |||||||
^ 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.