Several Large CUs Switch to State Charters

in the new year, several large credit unions switched from a federal to state charter.

Dort Federal Credit Union (Grand Blanc, MI) converted to a state charter and changed its name to Dort Financial Credit Union. As a result of the charter conversion, membership at the $978 million credit union is open to anyone who lives, works, worships, or attends school in the State of Michigan.

The New York Department of Financial Services in December approved the conversion of Hudson Heritage Federal Credit Union (Middletown, NY) and Sunmark Federal Credit Union (Latham, NY) from a federal charter to a New York State-chartered credit union.

A state charter will give Hudson Heritage Credit Union more flexibility related to its field of membership and the ability to expand in the future. The $425 million credit union will now serve a community-based field of membership of Orange, Dutchess, Ulster, Rockland and Sullivan Counties in New York; Pike County in Pennsylvania; and Sussex County, New Jersey.

Sunmark Credit Union's field of membership will include the communities of Fulton, Warren, Saratoga, Schoharie, Albany, Greene, Montgomery, Schenectady, Rensselaer, Dutchess, Westchester, Putnam, Columbia, and Rockland Counties; certain occupational groups and associations of Onondaga County; and 307 select employer groups. Sunmark has $730 million in assets.