Postal Community Credit Union in Boston has initiated a second attempt to convert to a mutual savings bank and submitted disclosures on the proposed charter switch to the National Credit Union Administration.
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The $135 million-asset credit union tried to convert about five years ago, but the effort was rejected by state regulators because there was no state law allowing a state-chartered credit union to convert to a bank.
At the behest of the credit union, the Massachusetts General Court enacted legislation this year to let state-chartered credit unions convert to state-chartered mutual savings banks.
