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.
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