Change will eliminate multiple regulators, ease process for future expansion
Lenexa, KS (June 19, 2014) -- Soon, Mainstreet Credit Union will operate as a federally chartered financial institution. On Thursday, the National Credit Union Administration granted Mainstreet’s request for a federal charter. (NCUA is the federal agency that regulates, charters, and insures the nation's credit unions.) Mainstreet’s members approved the change earlier this year.
“To better serve members in both our Kansas and Missouri communities, we believe the time has come to change how we are chartered as a credit union,” said Carol McNary, Mainstreet Credit Union Board Chairman. “While our legal name is changing to Mainstreet Federal Credit Union, it’s important that members know they will see little, if any, changes in their credit union accounts or business interactions.”
The Credit Union has been a Kansas state-chartered institution since its founding in 1953 – a choice that has served Mainstreet well over the years, says President/CEO John Beverlin. Under its Kansas charter, the Credit Union grew from $65 in initial deposits and a handful of members, to a $353 million institution serving more than 60,000 members throughout the greater Kansas City area. Now, Mainstreet sees a federal charter as its best option to better manage today’s changing industry, marked by growing regulations and competition.
“Being chartered in Kansas and with branch locations here and in Missouri, we must monitor and follow both states’ laws and regulations, while also following federal regulations for a federally-insured credit union,” said Beverlin. “Switching to a federal charter means we only have to
concentrate on one set of laws, not three. And it simplifies any future expansion plans we may want to pursue, especially on the Missouri side of the state line.”
Currently, Mainstreet has 10 area locations: four branches in Johnson County and two in Wyandotte County, with two additional locations in Lawrence, as well as one in Leavenworth and one in Kansas City, Mo. Many members also use the Credit Union’s online banking services.
“While this is a beneficial change for us, it will be largely unnoticeable to others,” said Beverlin. “The only real change members will notice is the new ‘official’ name – Mainstreet Federal Credit Union – being used on various documents and loan papers. Otherwise, it will be business as usual.”
About Mainstreet Federal Credit Union
The Lenexa, Kansas-based Mainstreet Federal Credit Union has provided affordable financial products and services to area residents since 1953. One of the top credit unions in the metropolitan Kansas City area, Mainstreet serves more than 60,000 members. With assets of $353 million, the Credit Union offers checking and savings, loans and mortgages, and deposit and investment products, as well as a nationwide network of fee-free ATMs. Mainstreet FCU is committed to helping guide members and the communities it serves along an informed and rewarding financial journey. For more information, visit www.mainstreetcu.org or call (888) 395-1010.