Monterey CU Withdraws Application to Become a Mutual Savings Bank

Silicon Valley Business Journal is reporting that Monterey Credit Union has withdrawn its application to switch to a mutual savings bank charter.

According to Silicon Valley Business Journal, the credit union pulled its application on November 19. This action came 16 months after the credit union's members voted to switch to a bank charter.

The story did not elaborate on why the credit union pulled its application.

Read the story.