VA and WA Credit Unions
A $90 million Virginia Beach federal credit union and a $290 million Seattle area state chartered credit union completed their conversions to the mutual bank charter during the first quarter of 2004, the 25th and 26th credit unions to make the move. Four more are in the pipeline ranging in size from $150 million in assets to over $1 billion.
@LANTEC Financial FCU of Virginia served the Navy Atlantic Fleet Command headquarters personnel until making room for $20 billion Navy Federal to take over the military base operation. Now, operating as Bank@LANTEC the depositor owned institution is executing its expansion strategy focused on mortgage lending.
First Security Bank of Washington is the new name for the former Washington’s Credit Union, the third credit union to exit what many believe is the most permissive credit union state charter in the country. Improved consumer awareness and product and market flexibility are among the benefits this multi-branch former credit union will enjoy under a bank charter.
[Editors Note: Both former credit unions are clients of CU Financial Services and Silver Freedman & Taff.]