Frustrated over the huge cost of the corporate credit union bailout, the nation's third-largest credit union is considering whether to convert to a mutual savings bank.
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The board of the $13 billion-asset Pentagon Federal Credit Union in Alexandria, Va., agreed over the weekend to have its management team look into a savings bank charter, according to several sources.
Pentagon Federal officials would not discuss their plans.
In an interview soon after the National Credit Union Administration announced consumer credit unions would fund a $5 billion bailout of corporate credit unions, Frank Pollack, Pentagon Federal's president and chief executive, called the estimated $80 million charge to his company "confiscatory."
