Monday, May 11, 2020

United 1st FCU to Convert to State Charter

United 1st Federal Credit Union (Kingsland, GA) is seeking to switch from a federal to a state charter.

Management at the $172 million credit union has been meeting with the Georgia Department of Banking and Finance over the last two years exploring the conversion to a state charter.

The credit union submitted its application to the National Credit Union Administration in early 2020 and received approval to move forward with the vote of the membership.

The credit union cited several reasons for converting to a state charter, including:
  • the credit union would have increased field of membership opportunities that would allow for further growth;
  • non-member deposits would be permissible regardless of a low-income designation; and
  • under the state's parity provisions, the credit union would be granted the same rights as all Georgia corporations and state chartered banks.
The ballots from members of United 1st need to be received by May 28, 2020.

Read the Q&A.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.