NEWARK, N.J. - Members of Lusitania Federal Credit Union on July 8 approved a plan to convert to a federally chartered mutual savings bank.

Approximately 37% of Lusitania's 6,000 members voted, with 98% of them approving the transaction.

Lusitania, which will be the first credit union ever to convert to a thrift charter, will open as savings bank on or about Sept. 1, 1995.

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