Expect more bank charter conversions: Consultants

by. David Morrison

A leading national consultant specializing in helping credit unions convert to bank charters said he expects Monterey Credit Union may be the first in a wave of credit unions seeking to become banks.

Alan Theriault, founder and CEO of the Portland, Maine-based CU Financial Services, would not say whether the $209 million Monterey Credit Union is a client, but he did say many of the credit unions that have converted to a bank charter were his firm’s clients.

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