Number 3 & 4 Bank Conversions for 2004

3rd Quarter 2004: Two Credit Unions Cleared for Mutual Conversion each with assets approaching $200 million, a Florida state chartered credit union and a Texas federally chartered credit union just received member approval and NCUA clearance to convert to mutual savings banks. They are the first credit unions to win NCUA clearance after the agency imposed new and widely criticized conversion requirements in February 2004.

The two credit unions won member approval by a wide margin and will represent the third and fourth credit unions to convert during 2004, increasing the number of converted credit unions to 28.

The Florida credit union, Sunshine State Credit Union, also gave members notice that after becoming a bank it will reorganize into a mutual holding company structure (MHC) and conduct a member minority stock offering of no more than 49% of the shares of a subsidiary holding company.

Dallas based Share Plus Federal Credit Union plans to continue to serve its nationwide membership from branches in four states while executing community based expansion plans in the fast growing Dallas suburbs.

[Editors Note: Both credit unions are clients of CU Financial Services and Silver Freedman & Taff, and represent the first two credit unions to convert under the constraints imposed by NCUA's February 2004 conversion regulation.]