Texas Giant Joins Exodus From CUCharter

FORTH WORTH, Texas - (02/22/05) -- OmniAmerican CU, the state's fifthlargest credit union, said it filed to convert to a mutual savingsbank, the second credit union giant in Texas to make the move overthe last two months. Plans call for the $1.5 billion credit unionto convert to a state chartered mutual savings bank, then issuestock through an initial public offering. OmniAmerican CU officialscould not be reached for comment during Monday's holiday butsources told The Credit Union Journal the rapidly-growing creditunion is making the move to boost capital, which lags below 9%. Themove by OmniAmerican comes six weeks after Community CU, thestate's fourth largest credit union with $1.7 billion in assets,announced it is seeking a bank charter. OmniAmerican is the 33rdcredit union seeking to convert to a bank.