Members of Plano, Texas based federal credit union vote to become a mutual savings bank. Share Plus FCU is only the 25th credit union to convert to a bank. Current sponsor companies include Frito-Lay, Yum! Brands and PepsiCo divisions.
PLANO, TX (PRWEB) July 31, 2004 -- Members of Plano, Texas - based Share Plus Federal Credit Union voted to become a federally chartered mutual savings bank at a special meeting held Friday, July 23, 2004. The official conversion to a savings bank is scheduled for October 1, 2004, at which time the name will change to Share Plus Federal.
The vote was approximately 80% in favor of the conversion, according to D. Craig Barnes, President and CEO of the credit union. Share Plus expects certification of the voting procedure from the National Credit Union Administration within 10 days. Share Plus Federal will be subject to the regulations of and supervision by the Office of Thrift Supervision (OTS").
Converting to a mutual savings bank will put Share Plus Federal on a level playing field in todays competitive banking market," Mr. Barnes said. By becoming a savings bank we can better serve our members and expand our mortgage portfolio."
Share Plus has approximately 19,000 members and assets of over $175,000,000. The Federal Deposit Insurance Corporation (FDIC"), an agency of the U.S. Government, will insure the deposits of the savings bank.
Share Plus was founded in 1958 as Frito Employees Credit Union. In the 1990s the name was changed to Share Plus Federal Credit Union after the scope of the credit union expanded to include additional PepsiCo divisions including KFC Corporation, Pizza Hut, Inc., and Taco Bell Corp.
Share Plus provides a wide range of banking and mortgage services at six locations in the Dallas area and four out-of-state locations in Kentucky, Florida and California. The savings bank will continue to support its current sponsor and partner companies, including Frito-Lay, Inc., YUM! Brands, Inc. (consisting of A&W Restaurants, Inc., KFC Corporation, Long John Silvers, Inc., Pizza Hut, Inc., and Taco Bell Corp.), plus PepsiCo Divisions, Safety-Kleen, Inc. and KIA Motors America, Inc. For additional information about Share Plus Federals products and services, please visit www.shareplus.com.
Media contact:
Barry Stevenson
Director of Marketing
(972) 407-3688
barrystevenson@shareplus.org
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