Another CU Takes Step To Amend Bylaws OnConversions

August 25, 2005, 1:00 a.m. EDT 1 Min Read

GREENSBORO, N.C. - (08/25/05) Premier FCU's board has voted to amendits bylaws to require a majority of the membership vote onconversion to any non-credit union charter. News of the $68-millionCU's decision to insert a poison pill amendmentmaking it harder for the credit union to convert to a bank chartercomes on the heels of the announcement by Chocolate Bayou CommunityFCU, Alvin, Texas, which has moved to require any non-CU conversionbe initiated by a special meeting of the membership instead of bythe board or management. CBCFCU's bylaws amendment has already beenapproved by NCUA. Premier has sent its proposed bylaws amendment toNCUA for approval.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Monetary policy

More rate cuts eyed as Fed zeroes in on soft labor market

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

By Maria Volkova

1h ago
Bank stocks

Bank stocks rise on Fed's first rate cut of 2025

The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.

By Allissa Kline

5h ago
Community banking

New York bank doubles down on insurance with big investment

Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.

By John Reosti

6h ago
Stablecoin

Minnesota credit union is launching its own stablecoin

St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.

By Melinda Huspen

6h ago
Apple Pay

Affirm, Klarna, deepen ties with Apple

The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.

By Joey Pizzolato

7h ago
NYDFS

NY regulator tells banks to monitor customers' crypto risk

State regulator says blockchain tools are key to detecting money laundering and sanctions violations.

By Carter Pape

7h ago