INDIANAPOLIS—Financial Center Federal Credit Union is planning to switch to a state charter.
The move, subject to member vote and approval from the Indiana Department of Financial Institutions, is being made to enhance growth, the CU reported.
“The strongest credit unions in the state have made this call,” Financial Center President and CEO Kevin Ryan told the Indianapolis Business Journal. “Many of our peers who are larger than we are today were smaller than we were a decade ago when they made that decision to go state chartered.”
The $502-million FCFCU serves those who live, work or worship in a 10-county Indianapolis area. Ryan noted that the state charter will allow it to provide financial services to government bodies, such as school districts, and to pursue members across the state—particularly through HSA offerings.
Officials hope the conversion is complete by January.