Lafayette FCU Withdraws Conversion Bid

Register now

KENSINGTON, Md. – Management of Lafayette FCU, fighting growing member opposition to its bid to convert to a bank, withdrew its application to NCUA to switch charters Friday. The $330 million credit union cited issued raised by its auditor, RSM McGladrey, which is reviewing questions raised by NCUA on the 90-day vote to convert. The conversion was approved by members by a razor-thin 18 votes out of 5,100 cast.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER