GRAND BLANC, Mich.—Several large credit unions have recently switched from a federal to state charter.
Among them is Dort Federal Credit Union here, which along with the charter change has come a new name: Dort Financial Credit Union. As a result of the charter conversion, membership at the $978-million credit union is open to anyone who lives, works, worships, or attends school in the State of Michigan.
In addition, the New York Department of Financial Services in December approved the conversion of Hudson Heritage FCU in Middletown, N.Y. and Sunmark Federal Credit Union in Latham, N.Y. to state charters.
“A state charter will give Hudson Heritage Credit Union more flexibility related to its field of membership and the ability to expand in the future. The $425-million credit union will now serve a community-based field of membership of Orange, Dutchess, Ulster, Rockland and Sullivan Counties in New York; Pike County in Pennsylvania; and Sussex County, New Jersey,” stated Keith Leggett, the former ABA executive, on his Credit Union Watch blog.
Sunmark Credit Union's field of membership will include the communities of Fulton, Warren, Saratoga, Schoharie, Albany, Greene, Montgomery, Schenectady, Rensselaer, Dutchess, Westchester, Putnam, Columbia, and Rockland Counties; certain occupational groups and associations of Onondaga County; and 307 select employer groups.
Sunmark has $730 million in assets.