Employes Mutual Savings Building and Loan Association has received regulatory and depositor approval to convert to a state-chartered credit union.

The $90 million-asset state-chartered thrift received approval for federal deposit insurance from the National Credit Union Administration Board and the thrift's account holders approved the conversion this month.

As of Nov. 1, the 83-year-old thrift will be renamed EMSBLA Credit Union. It will continue to serve Wisconsin Electric Power Co. and Wisconsin Energy Corp. employees and retirees.

Only two thrifts have ever turned themselves into credit unions, the first conversion two years ago.

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