CU Giant Thinks it Beat the New Rules on Conversion to Bank

ROCHESTER, Minn. – Think FCU sent out its first of three mail ballots on its proposed conversion to mutual savings bank yesterday, carefully skirting new NCUA rules that expand member powers during the process. The new rules, approved yesterday by the NCUA Board, go into effect in 30 days and apply to all prospective converts that have yet to mail any disclosures to members. The $1.2 billion credit union, formerly IBM Mid-America Employees FCU–named after IBM’s ThinkPad laptop computer–is one of three credit unions in the process of converting to a mutual savings bank. The others are Lafayette FCU, in Kensington, Md., and Sunshine State FCU, in Tallahassee, Fla. Officials at Think FCU have no plans to convert to stock form after switching to a mutual bank.