Flight From Federal To State Also Shows Reduction

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The flight from federal charter also slowed dramatically in 2002 from the previous years.

NCUA said just 14 credit unions converted to state charter in 2002. That number was down significantly from the 27 approved in 2001 and the lowest in six years. In fact, there were 12 state credit unions converting to federal charters last year, almost evening out the flow.

The biggest credit unions making the switch in 2002 were: Water & Power Federal Credit Union, Los Angeles ($375 million); Pacific Marine Federal Credit Union, Camp Pendleton, Calif. ($300 million); 1st City FCU, Glendale, Calif. ($275 million); and Deer Valley FCU, Phoenix ($175 million).

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