Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
HarborOne Member Vote Certified By NCUA
BROCKTON, Mass. (4/23/13)--The National Credit Union Administration has notified Brockton, Mass.-based HarborOne CU that its procedures to convert to a mutual savings bank have complied with the agency's conversion regulations.

The $1.9 billion asset HarborOne also announced Monday the Massachusetts Division of Banks had approved the membership vote results, which were in favor of the conversion.  About 62% of voting members of HarborOne cast ballots in favor of the change in March. About  21% of eligible voters voted.

The Federal Deposit Insurance Corp. has officially accepted HarborOne's application to convert, and the credit union now awaits for approval of FDIC insurance before it can complete the conversion process.

Although members have a prerogative to do what they believe is in the best interest of their credit union, said the Credit Union National Association, they are best served by the not-for-profit, cooperatively owned and member-directed ownership structure of credit unions.  CUNA emphasized it is important for members to be fully informed about any conversion proposal and its implications before any conversion.

At the time the vote was announced, the Massachusetts Credit Union League noted that any conversion should be approached from the viewpoint of the members of the credit union, but added that HarborOne members unfortunately seemed to have accepted the argument that the operational advantages outweighed their rights and privileges as members.


RSS print
News Now LiveWire
With 523 shots beyond the arc @utahjazz and @MountainAmerica raise over $31k for @Huntsmancancer http://t.co/kyBqVrxjBu
14 hours ago
.@MazumaCU "We believe we owe our members a smile. That's going to be our goal every day." http://t.co/se7iSBcA63 #CUDifference
16 hours ago
.@GoBankingRates survey: #creditunions offer stronger interest rates, shutting out banks again! http://t.co/DvoQ50eI4s
18 hours ago
Prize-linked savings such as @SaveToWinMI noted by @FoxBusiness http://t.co/PF0TJANbLM
18 hours ago
My (Maine) kingdom for a 'Spokester'! http://t.co/1LQgrBvl91 #creditunion #newsnow #storytomorrow
18 hours ago