BROCKTON, Mass. HarborOne CU, a one-time credit union for shoe manufacturing workers, will officially become a mutual savings bank Monday, HarborOne Bank, in the biggest credit union conversion ever.
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The $2-billion institution was approved for FDIC deposit insurance and was granted a state banking charter by the Massachusetts Secretary of State. HarborOne was chartered in 1917 and was New England’s third-largest credit union, serving 150,000 members at 14 branches in four surrounding counties.
HarborOne is the biggest credit union ever to switch to a bank, far exceeding Minnesota’s Think FCU, a former IBM employees’ credit union, and Community CU of Texas, both of which had $1.3 billion in assets when they converted.
