Sunmark Membership Approves Conversion to State-Chartered Credit Union
Sunmark Federal Credit Union, which applied to federal and state regulators to convert from a federal to a state-chartered credit union, announced today that a vote of the Sunmark membership officially approved the conversion. Federal regulators approved the conversion prior to the membership vote and once the completion of the application process between Sunmark and the New York Department of Financial Services is complete, Sunmark will become a state-chartered credit union.
Sunmark President/CEO, Frank DeGraw released the following letter to Sunmark members.
I want to take this opportunity to thank our membership for participating in the vote on the proposal to convert from a federally-chartered credit union to a state-chartered credit union. As I was watching the balloting unfold, I couldn’t help but to be marveled as I watch a true democracy in action. I was moved by how much you care about Sunmark and its future by submitting your vote, attending the special membership meeting and asking very thoughtful and insightful questions throughout the balloting process, before and during the meeting. By a majority vote, the membership approved the conversion to a state-chartered credit union.
I am now working with the New York State Department of Financial Services to complete and submit our application for approval. Our target is to receive approval from the Department of Financial Services and convert to a state charter effective January 1, 2020.
This conversion is an important and historical event for Sunmark. Being a state-chartered credit union will benefit the membership, employees, the communities we serve and your credit union. Thank you for being a part of this event. We appreciate your business and your devotion to Sunmark.
Sunmark is currently regulated by the National Credit Union Administration (NCUA). A state charter means Sunmark will be regulated by the New York State Department of Financial Services, which also regulates other financial institutions in New York. Sunmark will remain a federally insured credit union.
With the current charter, to bank with Sunmark, a person would need to live, work, worship, attend school, volunteer, or regularly conduct business in Schenectady, Albany, Rensselaer, Saratoga, Montgomery and Schoharie Counties. With a new State-charter, Sunmark will have the opportunity to expand to Columbia, Greene, Onondaga, Putnam, Rockland and Westchester Counties. Sunmark will also be able to serve persons that belong to a business or association that has signed up with Sunmark to make membership available to its employees or association members outside of New York State.