Tuesday, July 22, 2014

Monterey CU Seeking a Mutual Bank Charter

Credit Union Times is reporting that privately-insured Monterey Credit Union is in the process of switching to a mutual savings bank charter.

The credit union cited limitations in making business loans as a reason for the charter conversion.

The credit union has applied to the California Department of Business Oversight for a mutual savings bank charter and to the FDIC for federal deposit insurance.

Ballots and information on the charter conversion were mailed to members on May 31 with ballots due by July 25.

Read the story.
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1 comment:

  1. AnonymousJuly 22, 2014 at 6:29 PM

    This is good reason to explore ASI private insurance then eventually FDIC

    ReplyDelete

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