Members Approve CU Conversion ToBank

December 05, 2003, 1:00 a.m. EST 1 Min Read

VIRGINIA BEACH, Va. - (12/05/03) -- @lantec Financial FCU said itsmembers approved the conversion of the $95 million credit union toa mutual savings bank at a special meeting Tuesday. The 53-year-oldcredit union plans to complete the conversion and open as a bank inJanuary. Credit union officials said they hope the switch will helpit arrest its decline in membership, which has fallen to 14,255from 22,000 three years ago when it changed its name from AtlanticFleet FCU and moved from Norfolk to Virginia Beach. @tlantec, the27th credit union to switch t a bank, has been approved for athrift charter by federal regulators with the Office of ThriftSupervision and the FDIC.

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