Maryland CU Moves Ahead With Switch To Bank Charter
BEL AIR, Md. – HAR-CO FCU has submitted applications to federal banking regulators to convert to a mutual savings bank, the first credit union conversion in more than two years.
The $188 million credit union has submitted applications to the Office of Thrift Supervision for a savings bank charter and to the FDIC for deposit insurance. It is waiting for NCUA to clear its member disclosures before proceeding with member balloting.
The credit union, chartered in 1955 in this north Baltimore suburb as to serve employees of Harford County Public Schools, reported net income of just $4,702 in 2009 and of $175,538 in 2010. It had strong net worth of 8.4% at year-end 2010.