BROCKTON, Mass. (12/27/12)--HarborOne CU has scheduled a special meeting of its members to vote on the Brockton, Mass.-based credit union's proposal to convert to a mutual cooperative bank charter.
The meeting is set for 5 p.m. E.T. on March 11 at The Shaw's Center in Brockton (Enterprise News.com Dec. 25). If approved, the conversion would go into effect by the end of 2013.
The credit union has said that converting to a bank charter would enable it to expand into Boston, make more commercial loans and raise more capital. It also has said it cannot open a branch in Boston because it is restricted to serving four counties in Southeastern Massachusetts.
The National Credit Union Administration has pointed out that the credit union could petition the state to expand its geographic boundaries. The agency also has said HarborOne is not near its member business lending cap and it could sell stock to raise capital (News Now May 8).
Members who have had an account at the credit union for at least three months as of this coming Feb. 15, and who are at least 18 years old, will be eligible to cast their ballot on the proposed change. A conversion would require a simple majority of the members who vote. Members will be sent ballots before the meeting, and they can choose to vote either by mail, by taking their ballot to their branch, or in person at the meeting in March.
The $1.9 billion asset credit union has more than 150,000 members.