Monday, January 6, 2020

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.

Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

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.