Regulators Approve Vote On BiggestCU-To-Bank Switch

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GRAND RAPIDS, Mich. - (09/30/04) -- State and federal regulators havegiven the go-ahead to Lake Michigan CU to hold a member ballot toconvert the $1 billion credit union to a mutual savings bank, thelargest credit union switch yet. The credit union's 100,000 memberswill receive their second of three disclosure packets early nextmonth detailing the reasons for the charter change, and willreceive mail ballots the first week in November. The 30-day votewill culminate in a special meeting of the members on December 8.Plans call for the credit union to convert to a muual savings bank,then to go public in an initial public offering, down theroad.

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