HarborOne Credit Union‘s board of directors voted unanimously Wednesday evening to pursue a charter change that would make it a mutual cooperative bank, President and CEO James Blake told Banker & Tradesman this morning.

The $1.8 billion, Brockton-based credit union announced in mid-February that it was considering the change. Earlier this month, it dropped its memberships in the Massachusetts Credit Union League and the Credit Union National Association (CUNA).

HarborOne says it is considering the conversion for greater flexibility to expand its customer base and access to additional capital.

Now that the directors have voted, the HarborOne changeover will have to gain regulatory approval, as well as a positive vote from its 155,000 members.

Once the regulatory filings are made, the credit union will choose a date to count member votes.

Before that can happen, though, HarborOne must prepare an informational packet explaining the conversion and send it to the National Credit Union Administration (NCUA), the credit union industry’s overseer. It must also send the packet to its members.

A deadline for a vote by members will be set and the summary and explanation of the conversion effort will be sent to members three times: 90 days prior to the voting date, 60 days prior and 30 days prior. The third mailing will include a ballot members may use to vote on the proposal.

The proposal must also be approved by the NCUA, and HarborOne will be subject to its first examination by the FDIC.