Technology Credit Union, San Jose, Calif., has applied to the National Credit Union Administration to convert to a mutual savings bank, which, at $1.5 billion, would be the biggest credit union conversion to bank yet.
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The credit union said it published a notice informing its members of its plans to shed its credit union charter. Credit union officials said a bank charter will allow them to serve customers outside the CU’s current six-county field of membership and enable it to more easily raise capital.
Pending approval by Tech CU's board of directors, members will be asked to vote on the conversion early next year.
The credit union, chartered in 1960, says it has 74,000 members.
