NCUA Clears Conversion to Mutual Savings Bank

TALLAHASSEE, Fla. – For the second time, NCUA last week certified a vote by members of Sunshine State CU to convert to a mutual savings bank. The federal regulator had cleared the conversion in 2004 but withdrew its approval after the departure of the CEO and other top officials left a lag in management. Officials of the $170 million credit union plan to eventually sell the credit union to the public in an initial public stock offering. The switch from credit union to bank is one of four in the works.