Giant CU, Think, Cleared for Bank Charter

ROCHESTER, Minn. – NCUA has approved the conversion of former IBM employees credit union, Think FCU to mutual savings bank, officials announced yesterday. At $1.2 billion, the credit union giant once known as IBM Mid-America FCU, is one of the biggest credit unions to make the switch to bank. Think members voted narrowly, 51% to 49%, last month to make the charter switch, which credit union executives said will not entail a sale of stock in an initial public offering. Think is the second largest credit union, behind only $1.4 billion Community CU, to convert to bank.