Our Challenge to its Stock Conversion
This is the first challenge the Center has led to an unfair mutual bank conversion to
stock. Since Congress passed the Financial Services Act of 1999 to permit
insurance companies, banks and securities firms to engage in the other businesses,
this organization had to expand its reach in order to protect consumers.
We hope the information contained here is instructive as to what is wrong with this
conversion and at stake in all such conversions -- the loss of the mutual bank's
mission to provide low-cost loans to the community, to promote affordable housing,
and to promote savings though better rates to depositors. The new mission and legal
duty of management will be to serve the interests of stockholders, many of whom will
be the bank's management, and no longer the community.
Information will be added to this site as it becomes available. Please continue to visit the site for updates.
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