Federal CU Convert Gets Huge FOMGrant

March 28, 2006, 1:00 a.m. EST 1 Min Read

HARRISBURG, Pa. - (03/28/06) State regulators said they haveapproved a request from K of C FCU to convert to a state charterand have granted the $61-million credit union a community chartercovering more than 3.5 million residents in greater Philadelphia,one of the largest field of membership grants ever. The grant willallow the Philadelphia-based credit union to serve residents ofPhiladelphia, Bucks, Delaware and Montgomery counties. The FOMgrants are almost as large as the two controversial communitycharters awarded Freedom CU and TruMark CU, which also includedChester County. Both community charters were challengedunsuccessfully in the courts by the bankers.

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