Changing charters, changing stripes. (cover story)

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  • Author(s): Cocheo, Steve
  • Source:
    ABA Banking Journal. Apr2006, Vol. 98 Issue 4, p26-36. 5p. 3 Color Photographs, 1 Chart.
  • Additional Information
    • Subject Terms:
    • Subject Terms:
    • Abstract:
      The article assesses the decision of OmniAmerican Bank and ViewPoint Bank in Texas to be converted from credit union as of April 2006. Alan Theriault of CU Financial Services believed that the two converted institutions will gain substantial capital from upcoming public offerings, fueling up for expansion. The trouble with movements and causes is that they sometimes take on a life of their own. But members of the OmniAmerican team had a pretty good handle on reality. When Larry Duckworth, president and CEO of OmniAmerican Bank, decided to convert his credit union into a mutual savings bank, he just thought that the firm had undergone enough evolution and that its old business model was no longer appropriate to the institution's vision, nor to customers' needs.