First Of 10 Threatened Missouri Highway CUs Gets Broad FOM
JEFFERSON CITY, Mo. – One of 10 small credit unions that serve the Missouri Department of Transportation’s 10 districts being expelled from their state offices was granted a big community charter by state regulators as it seeks to remake itself.
The state’s Division of CUs approved an application from District 4 Highway Employees CU, a $13 million Lee’s Summit credit union, to serve the 705,000 residents of surrounding Jackson County.
The 10 highway credit unions, varying in size from $12 million in assets to $19 million, were given until Dec. 31, 2012, to vacate their offices, some of which they have occupied for as long as 50 years. They were required to start paying rent in January.