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CU suspends membership vote on conversion proposal
ODESSA, Texas (2/18/08)--First Basin CU has chosen to suspend the membership vote scheduled for Feb. 21 at a special meeting regarding its conversion proposal, according to a letter sent to members by First Basin CEO Shem Culpepper. The credit union decided to suspend the vote for a number of reasons the letter stated. It has come to the attention of First Basin that members have received calls telling them that if they don’t vote against the conversion, they will lose their money on deposits and their accounts will be closed, Culpepper wrote. “The conversion to a mutual savings bank would not result in any member losing his or her money or any account being close,” he wrote. Culpepper cited “numerous other false statements” being circulated by opponents of the conversion proposal, such as rate and fee changes. The First Basin board also wants to evaluate whether it can reward members by returning a portion of the credit union’s net worth to them, in the form of a cash payment to all eligible members upon conversion, Culpepper wrote. The board wants to continue retaining its one-member, one-vote structure. “Our goal is to continue to operate First Basin as a safe and sound financial institution and to provide members with great products and services,” Culpepper concluded.


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