BROCKTON, Mass. (3/13/13)--About 115 members of HarborOne CU in Brockton, Mass., attended a special meeting Monday evening to vote on whether to convert to a bank. However, the outcome will not be known for roughly 10 days.
An independent inspector needs to tally the ballots before the vote can be finalized, according to James Rice, HarborOne vice president of marketing. It is mandated that the inspector complete the tabulation within 10 calendar days of the vote (Banker and Tradesman March 12).
Only about 15 people voted at Monday evening's meeting, Rice told the publication. However, he could not say how many total votes were cast because members were allowed to send in their ballots by mail or else bring their completed ballots to any one of HarborOne's 14 branches, he added.
The conversion, if approved, would take effect by the end of 2013 (News Now May 8).
The Credit Union National Association and the Massachusetts Credit Union League have said a credit union charter is the best option for credit union members, and any decision on converting should be in the members' best interest (News Now Feb. 17).
Plans to pursue conversion were announced by the $1.9 billion asset credit union in March 2012. HarborOne said that converting to a bank charter would allow it to raise more capital, such as through a stock sale; increase lending, especially with business loans; and expand its customer base into Boston. It also said it cannot open a branch in Boston because it is restricted to serving four counties in Southeastern Massachusetts.