Mass. Credit Union's Members OK Conversion to Bank

HarborOne Credit Union in Brockton, Mass., is on its way to becoming a mutual savings bank.

Members of the $1.8 billion-asset institution on Friday approved a change to the organization's charter that would enable HarborOne to make the move.

The change is expected to allow HarborOne, which serves roughly two million people in four counties, to expand its market, make business loans and boost capital.

Roughly 62% of members who cast votes backed the proposal, the Brockton Enterprise reported online Monday. The credit union, the second largest in Massachusetts, has 14 branches; it also has a mortgage office in Centerville.

"This is really a tribute to our staff who did an outstanding job in communicating to our members what the charter change was all about and what it means for our future," James Blake, HarborOne's chief executive, told the publication.

HarborOne is expected to send the ballots and other information about the vote to banking regulators and the National Credit Union Administration for review.