Community Conversion Slow; 2 Large FOMs OK'd

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NCUA said it approved only five conversions to community charter last month, the same as in January, the fewest in several years.

But two of the community charters approved in February were among the biggest ever, including a grant for First Atlantic FCU, W. Long Branch, N.J., to serve 1.2-million residents along the New Jersey shore in Monmouth and Ocean counties; and for Hudson Heritage FCU, Newburgh, N.Y., to serve more than 800,000 people in Orange, Dutchess and Ulster counties in mid-state New York.

NCUA also approved just six underserved FOM expansions, the fewest in two years.

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