Court Won't Let Massachusetts CU SwitchTo Bank

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BOSTON - (07/28/04) -- A state appeals court has upheld alower court ruling banning Postal Community CU from converting to amutual savings bank. In its ruling, the court said said the stateDivision of Banking ruled properly when it said state law prohibitscredit union conversions to MSBs. The $120 million credit union hadsought the charter switch because of a declining field ofmembership.

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