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Maryland FCU Takes First Step Toward Mutual Bank Conversion

Monday, February 21, 2011 - 3:23 PMHar-Co Credit Union
From the Credit Union Times:
In what has become a rare occurrence, a federal credit union in Maryland has taken the what many see as the first step in the process to change to a mutual bank charter.

One bank that became popular here due to its reward checking account, Beacon Federal, used to be a credit union. It's interesting to note that it first became a depositor-owned mutual bank. Later it converted into publicly traded thrift-holding company. As mentioned in the CU Times article, critics of this type of conversion often charge leaderships' motivation to cash in on future stock offerings.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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