Friday, December 6, 2013

Suncoast Converts to a State Charter; Will Expand Field of Membership

Suncoast Schools Federal Credit Union will convert to a state chartered credit union and expand its field of membership.

A preliminary vote total shows 77 percent of the voting members of the $5.4 billion credit union approved a proposal to convert from a federal charter to a state charter.

In justifying the change from a federal to state charter, the credit union stated that the state's fields of membership rules are more flexible than the federal rule allowing individuals who live within the 15 counties that Suncoast currently serves to be eligible to join the credit union. In addition, Suncoast will is add Sarasota and Highlands Counties to its footprint.

The credit union also noted that the straightforward eligibility criteria provided by the state charter will provide the credit union with greater clarity and consistency in its marketing message.

The credit union noted that it will incur a one time expense associated with the conversion of almost $1 million.

The conversion to a state charter should take place within 90 days and the credit union will be called Suncoast Credit Union.

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