Evolution Claims Another IBM CU

- WILLISTON, Vt. (12/18/00) - Last week's approvalfor New England FCU to convert to a community charter is the latestin a trend transforming what were once 20 separate credit unionsserving employees of IBM. As a result, Vermont's largest creditunion, chartered in 1969 as IBM Burlington Employees FCU, will nowserve about 308,000 residents in five Vermont counties, half thestate's populous. Over the past decade a dozen of the old IBMcredit unions have been transformed either by dilution throughselect employee groups (SEGs) or community charters as theystruggle to combat downsizing at the chief corporate sponsor. Overthe past year alone three IBM credit unions have been transformed:Pacific IBM Employees FCU, San Jose, Calif., has converted to acommunity-based state charter and changed its name to Merriwest CU;AmeriChoice FCU, Mechanicsburg, Pa., has converted to a communitycharter; and Visions FCU, Endicott, N.Y., has converted to acommunity charter,