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.