NEWARK, N.J. - The first credit union conversion to a thrift charter is all but a done deal.

The Federal Deposit Insurance Corp. on Aug. 10 approved the insurance application of Lusitania Federal Credit Union to convert to a mutual savings bank.

Despite criticism of such deals, the National Credit Union Administration approved the conversion on May 24. The Office of Thrift Supervision approved it at the same time.

Lusitania will become a savings bank on Sept. 1.

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