CU Seeking To Convert Applauds Statement
The $133-million Postal Community Credit Union, stymied in its attempts to convert to a mutual savings bank by the state's former banking commissioner, Thomas J. Curry, said it is "pleased" that Curry seems to have had a change of heart now that he has been named to the board of the FDIC.
As earlier reported in The Credit Union Journal, Curry said in remarks before an America's Community Bankers conference in Washington that it could be a "good thing" if some credit unions converted to banks. Curry blocked the conversion of PCCU in June of 2001, and the matter remains unresolved. PCCU won a judgment in Suffolk Superior Court allowing it to convert to a bank, but Curry appealed that ruling. PCCU is also asking the court to order the Commonwealth to award it nearly $400,000 in legal fees it has expended in this matter.
"I am pleased that Mr. Curry has adopted this new point of view," said William French, PCCU President/CEO. "I would be less than candid if I didn't add that I wish he had come to this conclusion sometime earlier."