Monday, August 20, 2018

Cobalt FCU to Switch to State Charter and Add Additional Counties

The Omaha World-Herald is reporting that Cobalt Federal Credit Union, headquartered in Papillion, NE, plans to switch from a federal to a state charter.

The former SAC Federal Credit Union will become an Iowa chartered credit union.

As an Iowa state charter, the credit union will add Lancaster and Dodge Counties in Nebraska to its field of membership (FOM).

The State of Iowa and the National Credit Union Administration have approved the proposed charter change.

The $1 billion credit union had tried twice to add the two counties to its existing FOM as a federal credit union, but was denied by the National Credit Union Administration.

Read the story.
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1 comment:

  1. AnonymousAugust 20, 2018 at 6:34 PM

    Keith, over 60% of the loans at SAC/Cobalt are indirect. Is there some point at which this would be concerning? Or is it a matter of the big banks exiting the auto lending market and there is ample opportunity to sustain this level of indirect loans for many years to come?

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