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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.
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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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