Monterey Credit Union in California is aiming to become the first credit union in more than year to convert to a state-chartered mutual savings association.

The $210 million-asset Monterey applied for deposit insurance with the Federal Deposit Insurance Corp. on Sept 2. The credit union, which plans to change its name to Community Savings Bank of Monterey, has also applied for a bank charter with California's Department of Business Oversight. Spokesmen for the FDIC and the state banking agency confirmed that the applications are under review.

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