Sun Shines Again On Florida CUConversion

TALLAHASSEE, Fla. - (06/30/06) -- Sunshine State CU will try a secondtime to convert to a mutual savings bank, the credit unionannounced Thursday. The $180 million credit union applied again fora thrift charter with the Office of Thrift Supervision. Theerstwhile convert applied almost two years ago and won broad memberapproval for the charter switch, but was forced to withdraw itsapplication last year after it fired long-time CEO Mark LeCain, asfederal regulators would not grant final approval with the upheavalin management, even after member consent. Since then, LeCain, whoran the credit union for 14 years, has been replaced by Lou Davis,who had headed First Bank of Florida, a West Palm Beach savingsbank. Credit union management has told members throughout themanagement upheaval, including at January's annual meeting, thatthey planned to proceed with the conversion. The main reasons,according to a source involved in the process, are the limitedfield of membership of the credit union, which serves stateemployees.