New Player in CU Conversion Is CU Insider

NORWELL, Mass. – A credit union's representative has emerged as a major player in the effort to take advantage of a new state law facilitating the conversion of credit unions to banks. Michael Hanson, who served briefly as state Banking Commissioner and now serves as general counsel for the Massachusetts CU Share Insurance Corp., is representing two of the three state charters currently switching to mutual savings banks. The Massachusetts deposit fund is one of only two surviving private insurers of credit unions and only provides excess coverage, above the amount offered by NCUA, for Massachusetts credit unions. Hanson, who served as Commissioner of Banking in 1991-1992, is representing Haverhill-based Northeast Community CU, which is conducting a backdoor conversion by merging into Haverhill Bank, and Community CU of Lynn, which is planning a straight switch to mutual savings bank. Hanson’s emergence adds a new face to the field, which has been dominated by a handful of players so far. Hanson did not return several phone calls seeking comment last week. Peter Dibenedetto, president of Northeast Community CU, also did not return phone calls.