Would-Be Charter Convert Says It's Received 6 Member Letters
BEL AIR, Md.-Har-Co Credit Union here, which has announced plans to convert its charter to a mutual savings bank, said it received just six comment letters from its 25,000 members in response.
CEO Jim Meehan had no comment on the content of those letters or the current status of the conversion process.
According to the letter announcing the conversion, the credit union's board met on March 16 to consider adopting a conversion plan, after which regulators would have to review all conversion-related materials-a process that can take several months. Once that review is completed, a Conversion Proposal would be submitted to membership for a vote 90 days later.
Jennifer Simmons, Interim CEO/Chief Membership Officer of the Maryland & District of Columbia Credit Union Association, said that her organization had taken the position that as long as Har-Co properly follows regulations, it will not play any role in the charter conversion attempt.