The $212 million Monterey CreditUnion reported Monday that of the roughly 21% members who votedon its proposed charter change, 80% cast their votes in favor of abank charter.
|That means 3,287 of Monterey's 19,570 members whose shares wereinsured by ASI as of June 30 voted in favor of the converting to abank.
|“We are delighted with the overwhelming endorsement of theproposal by our members,” said Monterey CEO J. Stewart Fuller saidin a prepared statement. “We look forward to expanding our productsand services to the local communities we serve.”
|The credit union said final approval of the change depends onregulatory approval, but it did not say what whether it wouldapply for a California or federal mutual bank charter. The creditunion also said deposits would be insured by the FDIC once itbecame a bank.
|Neither the FDIC nor the Office of Comptroller of the Currencysaid they have received a bank charter application from the creditunion. The California Department of Business Oversight has not yet postedits July list of charter applications.
|The Monterey County Weekly, a local media outlet,reported that the 20-page ballot package included strongendorsements in favor of the charter change from MCU's board ofdirectors. The outlet also reported that credit union employeeswere campaigning on behalf of yes votes in at least one creditunion lobby.
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