LATHAM — Sunmark Credit Union said Tuesday it has formally completed its conversion from federal to state charter.
Members of the credit union, previously known as Sunmark Federal Credit Union, voted July 31 to approve the change. Federal and state regulators gave final approval and the shift took effect Jan. 1.
With a federal charter, Sunmark was regulated by the National Credit Union Association and could draw membership from a six-county area. Now it is regulated by the state Department of Financial Services and can draw members from 14 counties.
Sunmark has 62,000 members and over $750 million in assets.