Pen Air Federal Credit Union is holding a membership meeting to convert the credit union from a Federal charter to one chartered under the laws of the state of Florida. The meeting is 10 a.m. on Wednesday, Sept. 28, at the Airport Hilton Garden Inn, 1144 Airport Blvd.
In its notice to Pen Air members, officials state the conversion will make expanding its field of membership easier. The field of membership limitations under a federal charter have corresponding business limitations that don’t exist in a Florida state-chartered credit union.
“Also, the Florida system allows for local voice and the state regulators can better articulate the need for innovative financial solutions,” wrote the board of directors,” and with offices in Tallahassee, Florida, the regulators have direct access to our legislative bodies and the Governor so problems or questions which arise in the course of the Credit Union’s affairs can always be discussed and typically resolved with the examiner or, if that is not successful, in direct communication with the chief credit union regulator of the State of Florida providing for a high level of understanding that may not always be possible at the federal level.
The estimated cost of the conversion is $585,500, with changing the signs costing $472,000. The National Credit Union Share Insurance Fund will continue to insure members’ accounts once the conversion is approved.