Pendulum Swings On CharterConversions

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ALEXANDRIA, Va. - (05/24/04) -- The move towards state charterconversions, popular over the past few years, has apparently abatedwith more charter switchers apparently opting for federal charters.NCUA said it approved three more conversions to federal charterslast month, making a total of eight through the first four monthsof 2004, compared to just two conversions to state charters.Conversions form state to federal charters also prevailed slightlyin 2003, with 14 credit unions moving to federal charters and 13going the other way to state charters. Those credit unions approvedfor federal charters in April were: McKay Dee CU, Ogden, Utah ($55million); Warwick Municipal Employees CU, Warwick, R.I. ($25million) and Postal Employees CU, Schenectady, N.Y. ($3 million.While two federal charters were approved to exit the federal systemlast month: First Community FCU, Coquille, Ore. ($180 million) andMountain FCU, Waynesville, N.C. ($65 million).

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