Har-Co Credit Union in Bel Air, Md., is taking another shot at converting to a mutual thrift.
The $189 million-asset credit union has asked approval from state and federal regulators to convert to a state-chartered mutual savings bank, according to legal documents. If approved, the institution would change its name to Har-Co Community Bank.
The credit union wants to convert because a bank charter "will enable Har-Co to increase membership and economies of scale," according to its application document.
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Kopernik Bank and Liberty Bank of Maryland, both mutual thrifts in Baltimore, have agreed to merge. No money would change hands given the mutual-ownership structures involved in the deal.
February 24 -
It has been more than a year since Monterey Credit Union submitted paperwork to become a state-chartered bank. Have regulators "raised the price of admission" by insisting on healthier metrics from credit unions?
October 14 -
Members of Technology Credit Union rejected management's plan to convert to a mutual thrift. The vote has led to renewed criticism about the National Credit Union Administration's role in conversion votes.
September 21
"Har-Co would be allowed to offer loan and deposit services to anyone, something it cannot currently do under its credit union charter," the credit union said. Har-Co plans to continue to emphasize residential mortgage lending and to add new lending products.
Har-Co first attempted to convert to a bank in 2011, and had received
Har-Co was founded in 1955 and has three locations in Bel Air, Abingdon and Aberdeen, Md. Har-Co stands for Harford County.
Ober, Kaler, Grimes & Shriver is legal counsel to Har-Co on the conversion. Frank Bonaventure, Har-Co's attorney, could not be reached for comment.
