CU Giant Gets A TIP FromNCUA

Register now

SANTA ANA, Calif. - (03/25/05) -- Orange County Teachers FCU, one ofthe nation's biggest credit unions, was give permission from NCUAto convert from a multiple group sponsor to a TIP charter servinganyone in the educational industry in central California, thefederal regulator said Thursday. The TIP charter, so-called becauseit allows a credit union serve anyone in a single trade, industryor profession, is significant because up till now NCUA only grantedthe two-year-old charter designation to those credit unions facingfinancial challenges, like troubled sponsors, which is not the casewith Orange County Teachers FCU. The new charter will allow the $5billion credit union to serve more than 750,000 teachers, students,school employees in seven surrounding counties. Separately, NCUAalso approved a TIP charter for Hampton VA FCU, Hampton, Va., toserve the healthcare industry in several surrounding Virginiacommunities.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER