BROCKTON, Mass. NCUA announced today it has certified last month’s member vote at HarborOne CU to convert the $2 billion to a mutual savings bank, the biggest credit union conversion ever.
HarborOne also received notification from the Massachusetts Division of Banks that it finds no reason to disapprove of the methods by which the membership vote was taken and that the vote is approved.
Additionally, HarborOne received notification from the FDIC that its application was officially accepted for processing. HarborOne must wait for approval for FDIC insurance before completing its conversion to a Massachusetts co-operative bank.
The credit union said that 62% of the 22,433 members who voted during the 30-day ballot for the conversion to state chartered mutual savings bank approved the switch to bank. The conversion required approval from a simple majority of voting members. Those who voted amounted to 17% of the credit union’s 132,877 eligible voters.
HarborOne was chartered in 1917 to serve employees of the local shoe manufacturing industry and now serves four surrounding counties of Bristol, Norfolk, Plymouth and Barnstable.
If completed, HarborOne will be 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.
