From the Credit Union National Association Now News
2010 was a year without a single credit union-to-bank conversion, and it arrived on the heels of two years in which only one such conversion per year occurred. News Now, sniffing a trend, decided to look closer and noted a decline in conversions since they peaked at eight conversions in 2001.
One reason mentioned in the article for the decline was the low demand for bank stocks. You have to wonder if the hope for big payoffs was the main reason for past conversions.