SAN JOSE, Calif. – Members of Technology CU were scheduled to meet in a special meeting last night to debate and vote the $1.6 billion credit union’s conversion to a mutual savings bank, the biggest credit union conversion to date.
Last night’s special meeting was the culmination of the member ballot, the results of which will not be known for a few days.
Still, even if the conversion is approved, opponents of the bid are expected to launch a legal challenge, as their efforts to gain access to a member list is still pending in state court and they have also asked NCUA to investigate allegations of irregularities in the balloting. A small group of members opposed to the bank-bid picketed the credit union’s offices early last month.
Tech CU is one of two credit union giants, along with $1.9 billion HarborOne of Brockton, Mass.